The title holders were AZ, who defeated Hajduk Split 5–0 in the previous edition's final, but they were eliminated in the round of 16.

Olympiacos beat Milan 3–0 in the final held at the Colovray Stadium in Nyon, Switzerland, to secure their first title in the competition and become the first Greek team to ever win a UEFA club competition (the club's senior team won the 2024 UEFA Europa Conference League final five weeks later).

Antwerp, Braga, Dinamo Minsk, Famalicão, İstanbul Başakşehir, Klaipėda, Lazio, Lecce, Lens, Mainz, Newcastle, Pafos, Partizan, Sarajevo, Union Berlin, and Universitatea Craiova made their tournament debuts.

For the Domestic Champions Path, the 32 teams were drawn into two rounds of two-legged home-and-away ties.

[10] The draw was conducted on 9 February 2024 at 13:00 CET in the UEFA headquarters in Nyon.