The competition was won by Celtic for the first time, when they beat Inter Milan 2–1 in the final at the Estádio Nacional, Lisbon, on 25 May 1967,[1] making them the first British team, as well as the only Scottish team (as of 2025) to win the trophy.

Celtic also became just the second team to win the tournament on their debut appearance after Inter Milan in 1963–64 edition.

Real Madrid were the defending champions, but were eliminated by eventual finalists Inter Milan in the quarter-finals.

The Soviet Union entered its champion for the first time this season.

Real Madrid made their twelfth consecutive appearance in the competition, while CSKA Red Flag participated for the eighth time.

Admira-NÖ Energie Wien, Omonia, Vålerenga, Waterford, Celtic, Torpedo Moscow, 1860 Munich, and Vojvodina made their debut in the competition.

All participants were their respective associations champions, except for title holders Real Madrid.

With title holders Real Madrid placed in the second round, a draw took place to select four teams from the remaining participants to play preliminary round in September.

Play-off The top scorers from the 1966–67 European Cup (excluding preliminary round) were as follows: