[1] Porto were the defending champions, having beaten Sporting CP 2–0 in the 2023 final, but were eliminated in the group stage after losing 3–1 to Estoril on 6 December 2023.
The four group winners qualified for the knockout phase, which featured single-legged ties, again with no extra time being played.
The thirty-four teams competing in the two professional tiers of Portuguese football for the 2023–24 season were eligible to participate in this competition.
For teams that were either promoted or related, the final position in the previous league season determined in which round they entered the competition.
In the third round, the eight second-round winners joined the four top-ranked teams from the 2022–23 Primeira Liga: Benfica (1st), Porto (2nd), Braga (3rd) and Sporting CP (4th).
[2] The knockout phase was contested as a final-four tournament by the four third round group winners in one-legged semi-finals and final.