The 1968–69 season of the European Cup football club tournament was won by AC Milan, who beat Ajax 4–1 in the final, giving Milan its first European Cup title since 1963, and its second overall.

A number of Eastern Bloc clubs withdrew from the first two rounds when UEFA paired up all of the Eastern Bloc clubs against one another in the aftermath of the Soviet invasion of Czechoslovakia.

Substitutions of two players at any game time were allowed; obligatory match dates were introduced (two weeks between the legs) and fixed on Wednesdays; the away goal rule was extended to the first and second rounds.

Thirty-one leagues were represented, with England being represented by its most recent champion, Manchester City, as well as defending European champion, Manchester United.

Nürnberg and Steaua București both made their first appearances in the competition since the 1961-62 European Cup.

This year's competition included only five debutants: Denmark's AB, Cyprus's AEL Limassol, England's Manchester City, Norway's Rosenborg, and Czechoslovakia's Spartak Trnava.

The home leg of Reipas Lahti was played in Vienna just before the Rapid Wien–Real Madrid match.