The 1992 UEFA European Under-21 Championship, which spanned two years (1990–92), had 32 entrants.

The competition doubled as the European qualifying stage for the Olympic Football Tournament, which until 1992 existed as a separate tournament.

Beside the hosting Spain, teams of Scotland, England, Luxembourg and San-Marino did not take part in Olympic qualifications (not members of IOC[2]).

Teams of Northern Ireland, Wales and Faroes Islands did not take part in this competition at all.

The allocation of teams into qualifying groups was based on that of UEFA Euro 1992 qualifying tournament with several changes, reflecting the absence of some nations: Only players born on or after 1 January 1969 were eligible to play in the tournament.