The following 38 teams from 11 associations (the 10 CONMEBOL members plus Mexico which were invited to compete) qualified for the tournament: The entry stage is determined as follows: The draw of the tournament was held on December 2, 2014, at the CONMEBOL Convention Centre in Luque, Paraguay.

The seeding of each team was determined by which associations reached the furthest stage in the previous Copa Libertadores.

The seeding of each team was determined by their association and qualifying berth (as per the rotational agreement established by CONMEBOL, the teams which qualified through berths 1 from Colombia, Ecuador, Peru and Venezuela were seeded into Pot 1 for odd-numbered years, while the teams which qualified through berths 1 from Bolivia, Chile, Paraguay and Uruguay were seeded into Pot 1 for even-numbered years).

However, a first stage winner, whose identity was not known at the time of the draw, could be drawn into the same group with another team from the same association.

The schedule of the competition was as follows (all dates listed were Wednesdays, but matches could also be played on Tuesdays and Thursdays as well).

[2] Since UANL are not a South American club, by rule they had to host the first leg regardless of seeding.