| Event: | 1989 Copa Libertadores |
| Team1: | Olimpia |
| Team2: | Atlético Nacional |
| Team2association: |  |
| Team1score: | 2 |
| Team2score: | 2 |
| Details: | on aggregate Atlético Nacional won 5–4 on penalties. |
| Team1score1: | 2 |
| Team2score1: | 0 |
| Team1score2: | 0 |
| Team2score2: | 2 |
| Firstleg: | First leg |
| Secondleg: | Second leg |
| Date1: | 24 May 1989 |
| Date2: | 31 May 1989 |
| Stadium1: | Defensores del Chaco |
| Stadium2: | El Campín |
| City1: | Asunción |
| City2: | Bogotá |
| Attendance1: | 40,000 |
| Attendance2: | 50,000 |
| Referee1: | José Wright (Brazil) |
| Referee2: | Juan C. Loustau (Argentina) |
| Previous: | 1988 |
| Next: | 1990 |
The 1989 Copa Libertadores final was a two-legged football match-up to determine the 1989 Copa Libertadores champion. After both finalists were tied on aggregate after the two legs, Atlético Nacional won the second leg 5–4 in the penalty shootout. The winner was finally determined after the two teams had taken a combined 18 penalties in the marathon second leg.
| Team | Previous finals app. | |
|---|---|---|
| 1960, 1979 | ||
| None |
| GK | 1 | Ever Almeida | ||
| DF | 13 | Fidel Miño (c) | ||
| DF | 5 | |||
| DF | 3 | Herib Chamas | ||
| DF | 15 |  Roberto Krausemann | ||
| MF | 6 | Jorge Guasch | ||
| MF | 8 | |||
| MF | 10 | Rafael Bobadilla | ||
| FW | 24 | Gustavo Neffa | ||
| FW | 9 | |||
| FW | 11 | |||
| Substitutes: | ||||
| FW | 7 | |||
| FW | 19 | |||
| Manager: | ||||
| Luis Cubilla | ||||
| GK | 1 | René Higuita (c) | ||
| DF | 5 | |||
| DF | 15 | Luis Perea | ||
| DF | 2 | |||
| DF | 3 | |||
| MF | 14 | |||
| MF | 8 | |||
| MF | 20 | Felipe Pérez | ||
| FW | 21 | Luis Fajardo | ||
| MF | 12 | |||
| FW | 19 | |||
| Substitutes: | ||||
| MF | 18 | John Jairo Carmona | ||
| DF | 23 | |||
| Manager: | ||||
| Francisco Maturana | ||||
| GK | 1 | René Higuita (c) | ||
| DF | 18 | John Jairo Carmona | ||
| DF | 15 | Luis Perea | ||
| DF | 2 | |||
| DF | 3 | |||
| MF | 14 | |||
| MF | 8 | |||
| MF | 21 | |||
| MF | 12 | |||
| FW | 19 | |||
| FW | 17 | John Jairo Trellez | ||
| Substitutes: | ||||
| MF | 20 | Felipe Pérez | ||
| DF | 23 | |||
| Manager: | ||||
| Francisco Maturana | ||||
| GK | 1 | |||
| DF | 13 | Fidel Miño (c) | ||
| DF | 5 | |||
| DF | 3 | Herib Chamas | ||
| DF | 15 | Roberto Krausemann | ||
| MF | 6 | Jorge Guasch | ||
| MF | 8 | |||
| MF | 10 | |||
| FW | 24 | |||
| FW | 9 | |||
| FW | 11 | Alfredo Mendoza | ||
| Substitutes: | ||||
| FW | 19 | |||
| FW | 7 | |||
| Manager: | ||||
| Luis Cubilla | ||||