The Cup started with the preliminary round on November 1, 1973, and involved the republican level non-amateur clubs.
The main event started from the round of 16 on November 6, 1973, when the inter-republican clubs joined the competition such as Chornomorets, Metalist, and others, while some of them represented by their second squad.
Also the last season champions FC Avtomobilist Zhytomyr entered the competition at the Round of 16, however they were eliminated in the quarterfinals.
Unlike the previous edition the tournament introduced a penalty shootout which replaced the method of a game replay.
Note that the tournament took place after the Soviet football season was over and was conducted in rather unsupported weather conditions as the cold period in Ukraine starts usually in September or October, depending on location.