[1][2] Peñarol were the defending champions, having won the 2022 tournament, but were unable to retain their title after losing to Boca Juniors in the semi-finals, leading them to play the third place match against Cerro Porteño, which they also lost but on penalties.

Boca Juniors defeated Independiente del Valle 2–0 in the final to win their first U-20 Copa Libertadores title.

Each team could register a maximum of 20 and a minimum of 16 players, including at least 2 goalkeepers (Regulations Articles 47 and 50).

[27] Chile was named as host country of the tournament at the CONMEBOL Council meeting held on 30 September 2022.

If tied on points, tiebreakers were applied in the following order (Regulations Articles 20, 21):[27] All match times were in CLT (UTC−4), as listed by CONMEBOL.