The competition was won by Benfica for the second time in a row, beating Real Madrid 5–3 in the final at the Olympisch Stadion, Amsterdam, on 2 May 1962.

[1] This outcome meant that Real Madrid became the first team to win and lose European Cup final.

For the first time since European Cup inaugural season Spain was represented by only one team – ever present Real Madrid.

Benfica qualified as title holders and since they were also Portuguese champions, runners-up Sporting CP were invited.

Austria Wien, Boldklubben 1913, Tottenham Hotspur, Valkeakosken Haka, Monaco, Hibernians, Feyenoord, Górnik Zabrze and 1.

FC Nürnberg made their debut in the competition, while Juventus, Panathinaikos and Fredrikstad returned to the tournament from previous edition.

All participants were their respective associations champions, except for Boldklubben 1913, IFK Göteborg and Sporting CP.

[4] As title holders, Benfica received a bye, and the remaining 28 teams were grouped geographically into two pots.

The first team drawn in each pot also received a bye, while the remaining clubs would play the first round in September.