The competition was won by Ferencváros, who beat Juventus in the final at the Italians' home ground, the Stadio Comunale in Turin.

It was only the second time that a Spanish side had not won the competition, and the first of two occasions it went to Eastern Europe.

The entrants, format, and initial draw were announced on 25 June 1964 in Barcelona.

The organisers received 77 applications and accepted 48, a surprise increase from 32 the previous season.

There were 12 groups of four, with two elimination rounds producing group winners to be drawn subsequently into a third round, two of whose six winners would receive a bye to the semifinals while the other four played quarter finals.

Proceeds from the ticket sales were donated toward the flood recovery efforts.

The draw for the third round was made in Rome on 3 December 1964.