Nacional were the defending champions, but failed to advance out of the group stage.

Independiente del Valle defeated River Plate in the final to claim their first title, while Flamengo beat Libertad to finish third.

The competition was contested by 12 teams: the title holders, the youth champions from each of the ten CONMEBOL member associations, and one additional team from the host association.

[1] The tournament was played at two venues in two cities, both in the Metropolitan Area of Asunción:[13] The draw was held on 28 January 2020, 12:00 PYST (UTC−3), at the headquarters of the Paraguayan Football Association.

If tied after full-time, extra time would not be played, and a penalty shoot-out would be used to determine the winner (Regulations Article 22).