The fourth Inter-Cities Fairs Cup was played over the 1961–62 season.

There were five representative teams for some major European cities, three of which lost out in the first round.

Valencia beat Barcelona 7–3 over two legs, and also reached the next two finals in the competition.

1Inter Milan progressed to the Second round after winning a play-off match 5–3.

1 MTK progressed to the quarter-finals after winning a play-off match 2–0.

Internazionale goalkeeper Lorenzo Buffon complained of an injury at halftime and was replaced by Ottavio Bugatti, substitutions were not officially allowed at the time.