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| I | Milan | - | Lierse SK (old) | 2:0 (2:0) | ||
| V | Lierse SK (old) | - | Milan | 1:1 (0:0) | ||
| I: 23.02.1972 20:30 | V: 07.03.1972 20:00 | Campeones: Milan | ||||
| I | UT Arad | - | Tottenham Hotspur | 0:2 (0:2) | ||
| V | Tottenham Hotspur | - | UT Arad | 1:1 (0:0) | ||
| I: 07.03.1972 14:30 | V: 21.03.1972 20:30 | Campeones: Tottenham Hotspur | ||||
| I | Juventus | - | Wolverhampton Wanderers | 1:1 (1:0) | ||
| V | Wolverhampton Wanderers | - | Juventus | 2:1 (1:0) | ||
| I: 07.03.1972 20:30 | V: 22.03.1972 20:30 | Campeones: Wolverhampton Wanderers | ||||
| I | Ferencvárosi TC | - | Željezničar Sarajevo | 1:2 (1:1) | ||
| V | Željezničar Sarajevo | - | Ferencvárosi TC | 4:5 (1:1, 1:2, 1:2) pn. | ||
| I: 09.03.1972 17:30 | V: 22.03.1972 17:30 | Campeones: Ferencvárosi TC | ||||
