The fourth Inter-Cities Fairs Cup was played over the 1961–62 season. There were five representative teams for some major European cities, three of which lost out in the first round. The final was the first European final to be contested between two clubs from the same country, namely Spain. Valencia beat Barcelona 7–3 over two legs, and also reached the next two finals in the competition.

Teams location

Bracket

First round

1Inter Milan progressed to the Second round after winning a play-off match 5–3.

First leg

Second leg

Valencia won 7–1 on aggregate. Heart of Midlothian won 5–1 on aggregate. ''Inter Milan 4–4 1. FC Köln on aggregate.'' Internazionale won 5–3 in play-off. Novi Sad XI won 2–0 on aggregate. MTK won 13–3 on aggregate. Leipzig XI won 6–3 on aggregate. Espanyol won 3–0 on aggregate. Red Star won 5–2 on aggregate. Hibernian won 6–4 on aggregate. Sheffield Wednesday won 7–6 on aggregate. Barcelona won 3–1 on aggregate. Dinamo Zagreb won 9–4 on aggregate.

Second round

1 MTK progressed to the quarter-finals after winning a play-off match 2–0.

First leg

Second leg

Valencia won 4–3 on aggregate. Inter Milan won 5–0 on aggregate. Novi Sad XI won 10–3 on aggregate. Leipzig XI 3–3 MTK on aggregate. MTK won 2–0 in play-off. Espanyol won 5–3 on aggregate. Red Star won 5–0 on aggregate. Sheffield Wednesday won 4–1 on aggregate. Barcelona won 7–3 on aggregate.

Quarter-finals

First leg

Second leg

Internazionale goalkeeper Lorenzo Buffon complained of an injury at halftime and was replaced by Ottavio Bugatti, substitutions were not officially allowed at the time. Valencia won 5–3 on aggregate.

First leg

Second leg

Barcelona won 4–3 on aggregate. Barcelona advance to the Semi-Final

Semifinals

First leg

Second leg

Valencia won 10–3 on aggregate.

First leg

Second leg

Barcelona won 6–1 on aggregate.

Final

First leg

Second leg