Independiente of Argentina defeated Universitario de Deportes of Peru in the finals, and became the second team in the tournament's history to win three titles, after fellow Argentine club Estudiantes.

The first phase had 19 teams divided into four round-robin groups of four and one group of three (defending champions Nacional received a bye to the second phase).

Five teams joined the defending champions in two round-robin groups of three.

The winner of the finals, and tournament champions, are determined by points (two for a win, one for tie).

Two clubs from Uruguay competed as Nacional was champion of the 1971 Copa Libertadores.