The match was contested by AC Milan of Italy and two-time defending champions Benfica of Portugal, making it the first European Cup final not to feature a team from Spain.
Milan won the trophy for the first time thanks to a brace from José Altafini, which gave them a 2–1 victory.
AC Milan had contested the final once previously, losing 3–2 to Real Madrid in 1958.[2]
This was the eighth European Cup final and was the first to not feature a Spanish club. Real Madrid had contested six of the previous seven finals while Barcelona represented Spain in the 1961 final – the only previous final not to feature Real Madrid.[2]
Benfica qualified for the competition as defending champions and they were given a bye in the preliminary round.[3][4]
In the first round, Benfica faced IFK Norrköping of Sweden. After a 1–1 draw in the first leg away from home, Benfica won the second leg 5–1 at home to advance 6–2 on aggregate.[4]
Benfica then faced Dukla Prague of Czechoslovakia in the quarter-finals. After Benfica won the first leg 2–1 at home, the teams played out a goalless draw in the second leg in Prague as Benfica advanced.[4]
In the semi-finals, Benfica faced Feyenoord of the Netherlands. After a goalless first leg in Rotterdam, Benfica won the second leg 3–1 at home to advance to the final.[4]
Milan
Milan qualified for the competition as winners of the 1961–62 Serie A.[5]
In the preliminary round, Milan defeated Union Luxembourg of Luxembourg 8–0 a home in the first leg and 6–0 away in the second leg to advance 14–0 on aggregate.[4]
Ipswich Town of England were Milan's opponents in the first round. After winning the first leg 3–0 at home, Milan lost the second leg away from home 2–1 to advance 4–2 on aggregate.[4]
Milan then faced Galatasaray of Turkey in the quarter-finals. After winning the first leg 3–1 away from home, Milan won the second leg 5–0 at home to advance 8–1 on aggregate.[4]
In the semi-finals, Milan's opponents were Dundee of Scotland. A 5–1 win in the first leg at home was followed up by a 1–0 defeat in the second leg away from home as Milan advanced to the final 5–2 on aggregate.[4]
↑A Brazilian expatriate, Altafini had represented his native Brazil at the 1958 FIFA World Cup, but in 1961 he changed allegiances to Italy. He notably played for Italy at the 1962 World Cup.[7]