The 1971–72 FIBA European Cup Winners' Cup was the sixth edition of FIBA's 2nd-tier level European-wide professional club basketball competition, contested between national domestic cup champions, running from 4 November 1971, to 21 March 1972.

It was contested by 21 teams, five less than in the previous edition, and it marked a reform in the competition's format; a 6-team group stage was introduced, replacing the quarterfinals.

[1] Defending champion, Simmenthal Milano, defeated Crvena zvezda in the final, which returned to a single game format, to win their second trophy, becoming the first team to successfully defend its title.

This season's FIBA European Champions Cup final, also featured Italian and Yugoslav League teams, with the same outcome.

*Partizani Tirana (for political reasons), Ghouta and Blue Stars Amsterdam all withdrew before the first leg, and their rivals received a forfeit (2-0) in both games.