Real defeated CSKA Moscow in the two-legged EuroLeague Finals, after losing the first game in Moscow, 88–81, and winning the second game at Madrid, 62–76.

During the season, Radivoj Korać, a member of the Yugoslav League club OKK Beograd, set the EuroLeague's all-time single-game scoring record, including all games played since 1958, when he scored 99 points in a game versus the Swedish League club Alviks.

European national domestic league champions, plus the then current FIBA European Champions Cup title holders only, playing in a tournament system.

*After a 135 aggregate drew, a third decisive game was held in which Chemie Halle won 59–63.

First leg Palace of Sports, Moscow;Attendance 15,000[3] (8 April 1965)[3][4] Second leg Frontón Vista Alegre, Madrid;Attendance 3,000[3] (13 April 1965)[3][4]