The 1968–69 season of the European Cup football club tournament was won by AC Milan, who beat Ajax 4–1 in the final, giving Milan its first European Cup title since 1963, and its second overall. A number of Eastern Bloc clubs withdrew from the first two rounds when UEFA paired up all of the Eastern Bloc clubs against one another in the aftermath of the Soviet invasion of Czechoslovakia. Substitutions of two players at any game time were allowed; obligatory match dates were introduced (two weeks between the legs) and fixed on Wednesdays; the away goal rule was extended to the first and second rounds. Manchester United were the defending champions, but were eliminated by eventual champions Milan in the semi-finals.

Teams

A total of 32 teams participated in the competition. Thirty-one leagues were represented, with England being represented by its most recent champion, Manchester City, as well as defending European champion, Manchester United. Real Madrid made their 14th consecutive appearance in the competition, while Anderlecht and Benfica each made their ninth appearances. Nürnberg and Steaua București both made their first appearances in the competition since the 1961-62 European Cup. This year's competition included only five debutants: Denmark's AB, Cyprus's AEL Limassol, England's Manchester City, Norway's Rosenborg, and Czechoslovakia's Spartak Trnava. This was the smallest number to date.

Bracket

First round

First leg

Second leg

Milan won 5–3 on aggregate. Celtic won 4–2 on aggregate. Manchester United won 10–2 on aggregate. Anderlecht won 5–2 on aggregate. Rapid Wien won 6–4 on aggregate. Real Madrid won 12–0 on aggregate. Ajax won 5–1 on aggregate. Fenerbahçe won 2–1 on aggregate. Benfica won 8–1 on aggregate. Reipas Lahti won 3–1 on aggregate. Spartak Trnava won 5–3 on aggregate. AEK Athens won 5–3 on aggregate. AB won 4–3 on aggregate.

Second round

First leg

''The home leg of Reipas Lahti was played in Vienna just before the Rapid Wien–Real Madrid match. ''

Second leg

Celtic won 6–2 on aggregate. Manchester United won 4–3 on aggregate. Rapid Wien won 2–2 on away goals. Ajax won 4–0 on aggregate. Spartak Trnava won 16–2 on aggregate. AEK Athens won 2–0 on aggregate.

Quarter-finals

First leg

Second leg

Milan won 1–0 on aggregate. Manchester United won 3–0 on aggregate. ''4–4 on aggregate. Tie is decided by a tie-breaker match on neutral ground.'' Spartak Trnava won 3–2 on aggregate.

Tie-breakers

Ajax win the tie-breaker.

Semi-finals

First leg

Second leg

Milan won 2–1 on aggregate. Ajax won 3–2 on aggregate.

Final

Top scorers

The top scorers from the 1968–69 European Cup are as follows: