Glentoran were the defending champions, after they defeated Ballymena United 2–1 after extra time in the previous season's delayed final played in July 2020.

It also meant a sixth Irish Cup final appearance for Larne without ever winning the competition, extending that unwanted record.

Extra time was also scrapped from this season's competition, with the winner of all matches level after 90 minutes being decided by a penalty shoot-out.

The competition was initially scheduled to begin in January 2021, however, it was postponed due to the fact that no clubs from outside the NIFL Premiership had the 'elite' sporting status required to allow them to play matches during the COVID-19 pandemic lockdown.

Six NIFL Championship clubs (Ards, Dundela, Harland & Wolff Welders, Institute, Newry City AFC and Queen's University) later withdrew from the competition, with their opponents given a bye into the second round.

This was as a result of maintenance work being carried out at the stadium, including a new playing surface being laid, in preparation for hosting the 2021 UEFA Super Cup in August.

Linfield defeated Larne 2–1 to win a record 44th Irish Cup, thanks to first-half goals from Shayne Lavery and Joel Cooper.