The team's most successful period was mostly during 2001 to 2003 and once again in 2006, achieving Fourth place at the 2001 FIFA World Youth Championship before winning back-to-back tournaments at the Milk Cup in 2002 and 2003 and once again in 2006.

[4] The under-20 Paraguay national football team has seen and delivered along the years many of Paraguay's best talents such as Juan Bautista Agüero, Julio César Romero, Roberto Cabañas, Paulo Da Silva, Justo Villar, Salvador Cabañas and Roque Santa Cruz.

Current talents for the Paraguay squad include Hernán Pérez, Robin Ramírez, Nicolás Martínez, Federico Santander and Joel Silva.

[6] On 14 January 2025, forward Ezequiel González was replaced by David Fernández due to an injury.

[7][8] Head coach: Aldo Duscher The following table shows Paraguay's head-to-head record in the FIFA U-20 World Cup.