The 1988–89 FIBA European Champions Cup was the 32nd season of the European top-tier level professional FIBA European Champions Cup (now called EuroLeague), which was won by Jugoplastika, after they beat Maccabi Elite Tel Aviv 75-69.

The culminating 1989 EuroLeague Final Four was held at Olympiahalle, Munich, West Germany, on 4–6 April 1989.

Dino Rađja was named Final Four MVP.

April 4, Olympiahalle, Munich April 6, Olympiahalle, Munich April 6, Olympiahalle, Munich