The 1972 Masters was a men's tennis tournament played on indoor hard courts at Palau Blaugrana in Barcelona, Spain.

It was the third edition of the Masters Grand Prix and was held from 28 November through 2 December 1972.

Ilie Năstase won the title.

Ilie Năstase defeated Stan Smith 6–3, 6–2, 3–6, 2–6, 6–3 1972 World Championship Tennis Finals