The 1962 Copa de Campeones de América was the third edition of South America's premier club football tournament. Ten teams entered, one more than the previous season, with Venezuela again not sending a representative. This was the first edition in which the defending champions qualified automatically, allowing the nation which contained the holders to have an extra team in the tournament.
Santos ended the Carboneros' reign, as they defeated Peñarol 0–3 in the deciding playoff in Buenos Aires.
This season saw the competition have an increase in participants by one team; as a result, the preliminary round from the previous season was eliminated. The first phase was now a group phase with three groups containing three clubs each. The format for the semifinals and the finals remained the same.
At each stage of the tournament, teams received 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 applied to determine the ranking in the group stage:
Starting this edition, a playoff would become the first tie-breaker, then goal difference.
First round
Nine teams were drawn into three groups. In each group, teams played against each other home-and-away. The top team in each group advanced to the semifinals. Peñarol, the title holders, had a bye to the next round.
Attendance: 15,000 Referee: Pablo Victor Vaga Albergati
Semifinals
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.
^Only 51 minutes of the second leg was considered official by CONMEBOL. The remaining 39 minutes was a friendly match. In the friendly time, Pagão tied the game at three goals a-piece, but the official score remained 2–3.
