Host Portugal defeated Spain in the final to win the competition for the fifth time.

For winning their semifinals, Portugal and Spain qualified for the 2003 FIFA U-17 World Championship, held in Finland, with England and Austria missing out.

The final tournament was played in seven venues located in seven different cities, Viseu, Nelas, Chaves, Mangualde, Vila Real, Santa Comba Dão and Santa Marta de Penaguião.

The Estádio do Fontelo was the largest stadium with a tournament capacity of 12,000 seats, and served as both the opening ceremony and the final venue.

Each participating national association had to submit a final list of 18 players (three of whom must be goalkeepers).