The 1988 Copa Libertadores de América was the 29th edition of the Copa Libertadores, South America's premier international club football tournament organized by CONMEBOL.

This season's defending champion Peñarol of Uruguay entered the tournament in the third stage, where they were defeated by San Lorenzo of Argentina.

Three clubs from Uruguay competed as Peñarol was champion of the 1987 Copa Libertadores.

Newell's Old Boys and San Lorenzo played an extra match to determine the winner of the group.

The away goals rule was applied to determine the winner between Nacional and Universidad Católica.