The 1968 Copa Libertadores was the ninth edition of the Copa Libertadores, South America's premier association football competition. It was played between January 27 and May 16. A record 21 teams participated in this edition.
This edition brought the explosive debut of a humble team from the city of La Plata, capital of the Buenos Aires province, that did not find itself in the plateau of Argentine football. Estudiantes de La Plata, an authentic stranger in the highest levels of South American football, surpassed all expectations as they eliminated defending champions Racing and Independiente (two denominated "great" ones in Argentina as well as each having already won the tournament before).
With a talented prospect by the name of Juan Ramón Verón, the pincharatas beat Palmeiras 2–0 in a playoff after the final series finished 2–2 on points. Estudiantes conquered the title with an original style which emphasized athleticism and strategic preparation.
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 Argentina competed as Racing was champion of the 1967 Copa Libertadores. They entered the tournament in the semifinals.
At each stage of the tournament teams receive 2 points for a win, 1 point for a draw, and no points for a loss. If two or more teams were equal on points, the following criteria was to be applied to determine the ranking in the group stage:
Twenty teams were drawn into five groups of four. In each group, teams played against each other home-and-away. The top two teams in each group advanced to the Second round. Racing, the title holders, had a bye to the semifinals.
Ten teams were drawn into three groups, two groups of three and one group of four. In each group, teams played against each other home-and-away. The top team in each group advanced to the Semifinals, along with Racing.
Four teams were drawn into two groups. In each group, teams played against each other home-and-away. The top team in each group advanced to the Finals.
Estudiantes progressed to the finals due to better goal difference.