The 1992 Copa Libertadores was the 33rd edition of the Copa Libertadores, CONMEBOL's annual international club tournament. São Paulo won the competition.

Qualified teams

Draw

The champions and runners-up of each football association were drawn into the same group along with another football association's participating teams. Three clubs from Chile competed as Colo-Colo was champion of the 1991 Copa Libertadores.

Group stage

Group 1

Colo-Colo, as the previous year champions, should join the competition only in the Round of 16, but they requested to start the competition in the group stage, due to financial reasons, thus five clubs participated in this group.

Group 2

Group 3

Tiebreaker

Group 4

Group 5

Knockout stage

Finals

First leg

Second leg