Nine teams entered with Bolivia and Venezuela not sending a representative.

This competition was notable for the participation of many world class stars such as José Sanfilippo, Pelé, Garrincha, Antonio Rattín, Alberto Spencer and Jairzinho, among others.

The Alvinegro da Vila, usually regarded as the greatest football club team ever, defeated their semifinal and final opponents in stylish fashion which included a 4–0 victory over Botafogo in the fabled Estádio do Maracanã, and a 2–1 win in La Bombonera, home of Boca Juniors.

In a classic South American match-up, defending champions Santos defeated the Xeneixes on both legs of the final to retain the title.

The format for the semifinals and the finals remained the same as the previous season.