The 1995 edition of the Copa Libertadores saw Grêmio of Brazil as the champions after they defeated Atlético Nacional of Colombia in the finals.

If two teams from the same national association tie on points, the above criteria would not apply and their final positions would be determined in an extra match to be played at a neutral venue within their own country.

Winners of this match qualified for the round of 16; in the event of a draw, the team with the best goal difference in the group would have qualified.

The winners, runners-up and third placed teams of each group advanced to the round of 16 of the final stages.

First leg matches were played on August 9, 1995.