The 1991–92 European Cup group stage began on 27 November 1991 and ended on 15 April 1992.
A total of eight teams competed in the group stage to decide the two finalists of the 1991–92 European Cup.
In each group, teams played against each other home-and-away in a double round-robin format.
The eight winners of the second round advanced to the group stage.
The draw for the group stage was held on 8 November 1991 in Geneva, Switzerland.