A total of 24 clubs compete in the league stage of the competition, divided into East and West regions (12 teams each).

The first winners under the AFC Champions League name were Al-Ain, defeating BEC Tero Sasana 2–1 on aggregate.

The quarter-finals, semi-finals, and finals were played as a two-legged format, with away goals, extra time, and penalties used as tie-breakers.

Each country received up to 4 slots, though no more than one-third of the number of teams in that country's top division, rounded downwards, depending on the strength of their league, professional league structure, marketability, financial status, as well as other criteria set by the AFC Pro-League Committee.

[11] On 25 February 2022, it was announced that the AFC Champions League would go back to an inter-year (autumn to spring) schedule starting with the 2023–24 season.

[14][16] In 2021, the AFC investigated the matter, in the hope of allowing unrestricted attendance whenever Iranian clubs are involved.

[18] On 14 August 2023, it was confirmed that the new format would come into effect from the 2024–25 season, with the name of the competition changing to AFC Champions League Elite.

[20] In December 2023, Saudi Arabia were awarded hosting duties for the final stage for the first two seasons.

[22] The criteria, which is a modified version of the UEFA coefficient, measures such thing as marketability and stadia to determine the specific number of berths that an association receives.

[23] If the aggregate score of the two games is tied after 180 minutes, the clubs play extra time.

The quarter-finals, semi-finals and final matches all feature cross-regional pairings, and are played in a single-leg format at centralised venue.

Starting with the 2024–25 season, the distribution of the prize money is as follows:[24] The AFC Champions League Elite is sponsored by a group of multinational corporations, in contrast to the single main sponsor typically found in national top-flight leagues.