The 1991–92 season of the European Cup Winners' Cup was won by Werder Bremen in the final against Monaco.

Defending champions Manchester United were eliminated by Atlético Madrid in the second round.

A total of 34 teams participated in the competition.

Atlético Madrid won 8–2 on aggregate.

Manchester United won 2–0 on aggregate.

3–3 on aggregate; GKS Katowice won on away goals.

Atlético Madrid won 4–1 on aggregate.