|  Champions Milan lifting the trophy | |
| Final positions | |
|---|---|
| Champions |  Milan (1st title) | 
| Runners-up |  Hamburg | 
The 1967–68 season of the European Cup Winners' Cup club football tournament was won by Milan following their final victory against Hamburg, the fourth West German finalist in four years. Milan beat defending champions Bayern Munich en route to the final.
First round
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Altay SK  | 2–3 | .svg.png.webp) Standard Liège | 2–3 | 0–0 | 
| Aberdeen  | 14–1 |  KR Reykjavík | 10–0 | 4–1 | 
| Győri ETO  | 9–0 | .svg.png.webp) Apollon Limassol | 5–0 | 4–0 | 
| Milan  | 6–2 | .svg.png.webp) Levski Sofia | 5–1 | 1–1 | 
| Valencia .svg.png.webp) | 8–2 | .svg.png.webp) Crusaders | 4–0 | 4–2 | 
| Austria Wien  | 1–4 | .svg.png.webp) Steaua București | 0–2 | 1–2 | 
| Bayern Munich  | 7–1 | .svg.png.webp) Panathinaikos | 5–0 | 2–1 | 
| Fredrikstad  | 2–7 |  Vitória de Setúbal | 1–5 | 1–2 | 
| HJK  | 1–8 | .svg.png.webp) Wisła Kraków | 1–4 | 0–4 | 
| Hamburg  | 7–3 |  Randers Freja | 5–3 | 2–0 | 
| Aris Bonnevoie  | 1–5 |  Lyon | 0–3 | 1–2 | 
| Hajduk Split .svg.png.webp) | 3–6 |  Tottenham Hotspur | 0–2 | 3–4 | 
| Floriana  | 1–3 |  NAC Breda | 1–2 | 0–1 | 
| Shamrock Rovers  | 1–3 |  Cardiff City | 1–1 | 0–2 | 
| Torpedo Moscow  | 1–0 |  BSG Sachsenring Zwickau | 0–0 | 1–0 | 
| Lausanne Sports .svg.png.webp) | 3–4 |  Spartak Trnava | 3–2 | 0–2 | 
First leg
| Győri ETO  | 5–0 |  Apollon Limassol | 
|---|---|---|
| Nell  19' Györffi  25' Varsányi  48' Szaló  80', 83' | Report | 
| Milan  | 5–1 | .svg.png.webp) Levski Sofia | 
|---|---|---|
| Sormani  50' Hamrin  51', 74' Anquilletti  81', 86' | Asparuhov  63' | 
| Aberdeen  | 10–0 |  KR Reykjavik | 
|---|---|---|
| Munro  19', 52', 61' Storrie  21', 57' Smith  31', 80' McMillan  45' Taylor  48' Petersen  72' | 
| Austria Wien  | 0–2 | .svg.png.webp) Steaua București | 
|---|---|---|
| Report | 
 | 
| Fredrikstad  | 1–5 |  Vitória Setúbal | 
|---|---|---|
| Fuglset  72' | Report | Pedras  20', 33' José Maria  43' Guerreiro  63', 78' | 
| Hajduk Split .svg.png.webp) | 0–2 |  Tottenham Hotspur | 
|---|---|---|
| Robertson  4' Greaves  88' | 
| Shamrock Rovers  | 1–1 |  Cardiff City | 
|---|---|---|
| Gilbert  16' | King  48' | 
Second leg
| Levski Sofia .svg.png.webp) | 1–1 |  Milan | 
|---|---|---|
| Asparuhov  75' | Sormani  12' | 
Milan won 6–2 on aggregate.
| Apollon Limassol  | 0–4 |  Győri ETO | 
|---|---|---|
| Report | Kiss  63' Szaló  65' Varsányi  72' Stolcz  79' | 
Győri ETO won 9-0 on aggregate.
| KR Reykjavik  | 1–4 |  Aberdeen | 
|---|---|---|
| Hafsteinsson  72' | Storrie  43', 58' Buchan  44' Munro  53' | 
Aberdeen won 14–1 on aggregate.
Valencia won 8–2 on aggregate.
| Steaua București .svg.png.webp) | 2–1 |  Austria Wien | 
|---|---|---|
| Report | 
 | 
Steaua București won 4–1 on aggregate.
| Tottenham Hotspur  | 4–3 | .svg.png.webp) Hajduk Split | 
|---|---|---|
| Robertson  20', 83' Gilzean  34' Venables  38' | Vardić  81' Mušović  82' Hlevnjak  89' | 
Tottenham Hotspur won 6–3 on aggregate.
| Cardiff City  | 2–0 |  Shamrock Rovers | 
|---|---|---|
| Toshack  30' Brown  74' | 
Cardiff City won 3–1 on aggregate.
| Vitória Setúbal  | 2–1 |  Fredrikstad | 
|---|---|---|
| Pedras  5' Bonjour  50' | Report | Arntsen  59' | 
Vitória Setúbal won 7–2 on aggregate.
Second round
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Standard Liège .svg.png.webp) | 3–2 |  Aberdeen | 3–0 | 0–2 | 
| Győri ETO  | 3–3 (a) |  Milan | 2–2 | 1–1 | 
| Valencia .svg.png.webp) | 3–1 | .svg.png.webp) Steaua București | 3–0 | 0–1 | 
| Bayern Munich  | 7–3 |  Vitória de Setúbal | 6–2 | 1–1 | 
| Wisła Kraków .svg.png.webp) | 0–5 |  Hamburg | 0–1 | 0–4 | 
| Lyon  | 4–4 (a) |  Tottenham Hotspur | 1–0 | 3–4 | 
| NAC Breda  | 2–5 |  Cardiff City | 1–1 | 1–4 | 
| Torpedo Moscow  | 6–1 |  Spartak Trnava | 3–0 | 3–1 | 
First leg
| Bayern Munich  | 6–2 |  Vitória Setúbal | 
|---|---|---|
| Müller  8', 59', 89' (pen.) Brenninger  20' Ohlhauser  27' Nafziger  50' | Report | Pedras  7' Tomé  81' | 
Second leg
| Vitória Setúbal  | 1–1 |  Bayern Munich | 
|---|---|---|
| Pedras  68' | Report | Ohlhauser  75' | 
Bayern Munich won 7–3 on aggregate.
3–3 on aggregate; Milan won on away goals.
| Steaua București .svg.png.webp) | 1–0 | .svg.png.webp) Valencia | 
|---|---|---|
| 
 | Report | 
Valencia won 3–1 on aggregate.
4–4 on aggregate; Lyon won on away goals.
Quarter-finals
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Standard Liège .svg.png.webp) | 2–21 |  Milan | 1–1 | 1–1 (a.e.t.) | 
| Valencia .svg.png.webp) | 1–2 |  Bayern Munich | 1–1 | 0–1 | 
| Hamburg  | 2–22 |  Lyon | 2–0 | 0–2 | 
| Cardiff City  | 1–13 |  Torpedo Moscow | 1–0 | 0–1 | 
1 Milan beat Standard Liège 2–0 in a play-off.
2 Hamburg beat Lyon 2–0 in a play-off.
3 Cardiff City beat Torpedo Moscow 1–0 in a play-off.
First leg
| Standard Liège .svg.png.webp) | 1–1 |  Milan | 
|---|---|---|
| Claessen  38' | Prati  20' | 
Second leg
| Milan  | 1–1 | .svg.png.webp) Standard Liège | 
|---|---|---|
| Rognoni  40' | Jurkiewicz  74' | 
2–2 on aggregate.
Play-offs
| Milan  | 2–0 | .svg.png.webp) Standard Liège | 
|---|---|---|
| Prati  3' Rivera  47' | 
Hamburg won play-off 2–0.
Cardiff City won play-off 1–0.
Semi-finals
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Milan  | 2–0 |  Bayern Munich | 2–0 | 0–0 | 
| Hamburg  | 4–3 |  Cardiff City | 1–1 | 3–2 | 
First leg
Second leg
Milan won 2–0 on aggregate.
Hamburg won 4–3 on aggregate.