[6] On 17 June 2020, the UEFA Executive Committee chose to relocate the final to Lisbon as part of a "final-eight tournament" consisting of single-match knockout ties played in two stadiums across the city.

Bayern Munich won the final 1–0 thanks to a 59th-minute goal scored by former Paris Saint-Germain player Kingsley Coman assisted by Joshua Kimmich, who was later selected as man of the match.

[6] On 17 June 2020, the UEFA Executive Committee chose to relocate the final to Lisbon as part of a "final-eight tournament" consisting of single-match knockout ties played in two stadiums across the city.

The home stadium of Portuguese Primeira Liga side Benfica since 2003, it was newly built to host five matches of UEFA Euro 2004, including the final.

[12] Lisbon had also staged a European Cup final in 1967, when Scottish side Celtic beat Inter Milan of Italy 2–1 at the Estádio Nacional.

The Portuguese capital also hosted the 2005 UEFA Cup Final at the Estádio José Alvalade, home of Benfica's local rivals and finalists Sporting CP, who lost 3–1 to CSKA Moscow.

PSG won all four prior knockout ties in which they met German opposition, including earlier in the season against Borussia Dortmund in the round of 16 and RB Leipzig in the semi-finals.

[15][23] It was also the third final in which both teams entered the match seeking a win to secure the treble, previously occurring in 2010, in which Bayern lost to Inter Milan, and 2015, when Barcelona defeated Juventus.

[39] Paris Saint-Germain continued their perfect start to the competition by defeating Club Brugge 5–0 at the Jan Breydel Stadium, with a brace from Icardi and hat-trick from Kylian Mbappé.

[41] On matchday 5, Paris recovered from a two-goal deficit to draw 2–2 at the Santiago Bernabéu against Madrid and win Group A, with Mbappé and Pablo Sarabia's late goals offsetting a Karim Benzema brace.

[44] The second leg was one of the last European matches played prior to the suspension of the competition due to the COVID-19 pandemic, and took place behind closed doors on 11 March 2020.

PSG won the match 2–0 with first-half goals from Neymar and Juan Bernat, securing a 3–2 aggregate win for the Parisians and their first quarter-final appearance since the 2015–16 season.

[46] In the semi-finals, Paris Saint-Germain faced RB Leipzig of Germany, who had qualified to the Champions League knockout stage for the first time in only their second season competing in the competition.

[50] On matchday 3, Bayern faced Olympiacos at the Karaiskakis Stadium and recovered from a deficit to win 3–2 and maintain their lead in the group with a brace from Lewandowski followed by a curled goal from Corentin Tolisso, while Youssef El-Arabi and Guilherme scored for the Greek side.

[51] However, as Bayern lost 5–1 to Eintracht Frankfurt in the Bundesliga on 2 November, manager Niko Kovač was sacked the following day and replaced by former assistant Hansi Flick on an interim basis.

[52] In Flick's first match in charge three days later, Bayern won the rematch against Olympiacos 2–0 via second-half goals from Lewandowski and Ivan Perišić, thus securing a spot in the knockout stage.

[56] Bayern were drawn against English club Chelsea in the round of 16, with the last Champions League meeting between the sides taking place in the 2012 final.

Bayern won the second meeting 4–1, with a Lewandowski brace and goals from Perišić and Tolisso earning a 7–1 victory on aggregate, while Tammy Abraham scored for the visitors.

The match, played at the Estádio da Luz, finished as an 8–2 win for Bayern Munich, with Perišić, Gnabry, Kimmich and Lewandowski scoring once each while Müller and Coutinho both earned braces.

For Bayern Munich, manager Hansi Flick decided to replace Ivan Perišić, who had started in the three prior Champions League matches, with Paris native Kingsley Coman on the left wing.

In the 18th minute, PSG had their first clear opportunity when Kylian Mbappé passed to Neymar on the left side of the penalty area, but his shot was blocked by the leg of Bayern goalkeeper Manuel Neuer.

Herrera had a drop-kick deflected wide of the Bayern goal in the 29th minute, while Lewandowski's 31st-minute dipping header was parried by PSG goalkeeper Keylor Navas.

In the 45th minute, a misplaced pass by David Alaba in the Bayern back line fell in front of Mbappé, who played a one-two with Herrera before shooting the ball straight at Neuer when confronted by a clear opening on goal.

[68] In the following minute of first-half stoppage time, Kingsley Coman was hit on the shoulder by the arm of defender Thilo Kehrer and went down in the penalty area after cutting down the goal line.

Thomas Müller laid a pass from Serge Gnabry back to right-back Joshua Kimmich, who crossed the ball from the right into the box towards the unmarked Coman at the far post, which was headed across the goal past Navas and into the right corner of the net.

Bayern subsequently switched to a more defensive approach, and in the 70th minute Neuer made another save with his leg after Marquinhos found himself clear on goal following a pass from Ángel Di María into the left side of the penalty box.

The final chance of the match came in stoppage time, when Mbappé ran down the inside-left channel and passed to Neymar on the left side of Bayern's penalty box, who turned sharply and shot wide of the far post, with substitute Eric Maxim Choupo-Moting's outstretched leg failing to meet the ball directly in front of the goal.

[75] With the win, six Bayern players secured their second European Cup title, five of which were from the club's victorious 2012–13 Champions League campaign: David Alaba, Jérôme Boateng, Javi Martínez, Thomas Müller and Manuel Neuer.

[78] Paris Saint-Germain's defeat meant that the past seven final debutants since the success of Borussia Dortmund in 1997 had all lost, including fellow Ligue 1 club Monaco in 2004.

[14] Following the completion of the competition, UEFA's Technical Observers named nine Bayern Munich players in the Champions League squad of the season: David Alaba, Alphonso Davies, Serge Gnabry, Leon Goretzka, Joshua Kimmich, Robert Lewandowski, Thomas Müller, Manuel Neuer and Thiago.