The tournament was contested by 36 teams, beginning on 14 February 2023 and ending on 23 November 2023.

Atlético Nacional won their sixth title in the competition, defeating the defending champions Millonarios in the finals on penalty kicks after a 2–2 draw on aggregate.

The four third stage winners qualified for the round of 16, where they were joined by the remaining 12 Primera A teams which entered the competition at that point.

Each round in the final stages was played under a home-and-away two-legged format.

In case of a draw on aggregate score at the end of the second leg, extra time was not played and the winner was decided in a penalty shoot-out.