A total of 30 teams participated in the competition. Portugal continued to be represented by two clubs, with Benfica qualifying as title holders and
Sporting CP as Portuguese champions.
CSKA Red Flag appeared in the seventh edition of European Cup, with only Real Madrid having more appearances in the competition.
Partizani,
Esbjerg,
Ipswich Town,
Union Luxembourg,
Floriana,
Shelbourne,
Dundee and
1. FC Köln made their debut in the competition.
Galatasaray returned to the tournament for the first time since
1957, while
IFK Norrköping,
Polonia Bytom, Anderlecht and eventual winners Milan returned to the competition after five, four, three and three years, respectively. All participants were their respective associations champions, except for Benfica and
Fredrikstad. The latter was leading
Hovedserien at the summer break on 1 July 1962, after 21 of 30 matches had been played, but finished third in autumn of 1962. ==Preliminary round==