The competition was won by Real Madrid, who beat Eintracht Frankfurt 7–3 in the final at Hampden Park, Glasgow, on 18 May 1960,[1] thanks to first ever hat-tricks scored in the final of the competition by Ferenc Puskás and Alfredo Di Stéfano.

[3] It was Real Madrid's fifth consecutive title, which is a feat that no other club has matched.

A total of 27 teams were placed in the competition bracket, but finally only 26 participated since Kuopion Palloseura had withdrawn before playing first game.

Spain continued to be represented by two clubs, with Real Madrid qualifying as title holders and Barcelona as Spanish champions.

Červená Hviezda Bratislava, Boldklubben 1909, Kuopion Palloseura, Vorwärts Berlin, Eintracht Frankfurt, Csepel, Sparta Rotterdam, Linfield, ŁKS Łódź, Porto, Barcelona and Fenerbahçe made debut in the competition.

The draw for the preliminary round took place in Cernobbio, Como, Italy, on 6 July 1959.

[4] As title holders, Real Madrid received a bye, and the remaining 26 teams were grouped geographically into two pots.

The first two teams drawn in each pot also received byes, while the remaining clubs would play the preliminary round in August, September and October.

The calendar was decided by the involved teams, with all matches to be played by 30 September.