The 1972–73 European Cup Winners' Cup football club tournament was won by Milan after a 1–0 victory against Leeds United at the Kaftanzoglio Stadium, Thessaloniki, Greece. Competition holders Rangers would have been eligible to compete in the Cup Winners' Cup, but were banned from European competition in the 1972–73 season due to the violent disturbances at the 1972 European Cup Winners' Cup Final.

First round

First leg

''Match played in Cork due to the dangerous political situation in Cyprus at the time. ''

Second leg

AC Milan won 7–1 on aggregate. Cork Hibernians won 6–2 on aggregate. Leeds United won 2–1 on aggregate. Rapid București won 3–1 on aggregate. Hajduk Split won 2–0 on aggregate. Hibernian won 7–3 on aggregate. Wrexham won 3–2 on aggregate

Second round

First leg

Second leg

AC Milan won 3–2 on aggregate. Leeds United won 2–0 on aggregate. Rapid București won 4–2 on aggregate. ''Hajduk Split 3–3 Wrexham on aggregate. Hajduk Split won on an away goals rule.''

Quarter-finals

First leg

Second leg

AC Milan won 2–1 on aggregate. Leeds United won 8–1 on aggregate. Slavia Prague won 4–2 on aggregate. Hajduk Split won 5–4 on aggregate.

Semi-finals

First leg

Second leg

Leeds United won 1–0 on aggregate. Milan won 2–0 on aggregate.

Final