The competition was won by AC Milan, who beat two-time defending champions Benfica in the final at Wembley Stadium, London, on 22 May 1963.

Five-time winners Real Madrid were eliminated in the preliminary round by Anderlecht, the first time previous winners didn't make it to the first round of the competition.

Portugal continued to be represented by two clubs, with Benfica qualifying as title holders and Sporting CP as Portuguese champions.

Partizani, Esbjerg, Ipswich Town, Union Luxembourg, Floriana, Shelbourne, Dinamo București, Dundee and 1.

Galatasaray returned to the tournament for the first time since 1957, while IFK Norrköping, Polonia Bytom, Anderlecht and eventual winners Milan returned to the competition after five, four, three and three years, respectively.

The latter was leading Hovedserien at the summer break on 1 July 1962, after 21 of 30 matches had been played, but finished third in autumn of 1962.

[2] Due to the number of participating teams only Reims (apart from title holders Benfica) received a bye to the first round.

The remaining clubs would play the preliminary round in September.

The top scorers from the 1962–63 European Cup (including preliminary round) were as follows:[8]