| Event: | 1991 Copa Libertadores |
| Team1: | Olimpia |
| Team2: | Colo-Colo |
| Team1score: | 0 |
| Team2score: | 3 |
| Team1score1: | 0 |
| Team2score1: | 0 |
| Team1score2: | 0 |
| Team2score2: | 3 |
| Firstleg: | First leg |
| Secondleg: | Second leg |
| Date1: | 29 May 1991 |
| Date2: | 5 June 1991 |
| Stadium2: | Estadio Monumental David Arellano |
| City1: | Asunción |
| City2: | Santiago |
| Attendance1: | 51.000 |
| Attendance2: | 66.517 |
| Referee1: | Ernesto Filippi |
| Referee2: | José Roberto Wright |
| Previous: | 1990 |
| Next: | 1992 |
The 1991 Copa Libertadores final was a two-legged football match-up to determine the 1991 Copa Libertadores champion. It was contested between Olimpia of Paraguay and Club Social y Deportivo Colo-Colo of Chile.
Colo-Colo won 3–0 on aggregate score and became the first Chilean football team to win an official international competition. These finals were the last ones not to show either an Argentine nor a Brazilian team competed up to the 2016 edition.
| width=120px | Team | width=250px | Previous finals app. |
|---|---|---|---|
| 1960, 1979, 1989, 1990 | |||
| 1973 |
| GK | 12 | Jorge Battaglia | ||
| DF | 2 | |||
| DF | 5 | Remigio Fernández | ||
| DF | 13 | César Castro | ||
| DF | 4 | Silvio Suárez | ||
| MF | 8 | Fermín Balbuena | ||
| MF | 6 | Jorge Guasch (c) | ||
| MF | 10 | Luis Monzón | ||
| MF | 17 | |||
| FW | 9 | |||
| FW | 7 | Gabriel González | ||
| Substitutes: | ||||
| FW | 15 | |||
| FW | 20 | Jorge Villalba | ||
| Manager: | ||||
| Luis Cubilla | ||||
| GK | 1 |  Daniel Morón | ||
| DF | 3 | Lizardo Garrido | ||
| DF | 6 | Miguel Ramírez | ||
| DF | 4 | Javier Margas | ||
| DF | 5 | Eduardo Vilches | ||
| MF | 2 | Rubén Espinoza | ||
| MF | 15 | Gabriel Mendoza | ||
| MF | 13 | Juan Carlos Peralta | ||
| MF | 10 | Jaime Pizarro (c) | ||
| FW | 7 | |||
| FW | 11 | |||
| Substitutes: | ||||
| Manager: | ||||
| Mirko Jozić | ||||
| GK | 1 | Daniel Morón | ||
| DF | 3 | Lizardo Garrido | ||
| DF | 6 | Miguel Ramírez | ||
| DF | 4 | |||
| DF | 5 | Eduardo Vilches | ||
| MF | 2 | Rubén Espinoza | ||
| MF | 15 | |||
| MF | 13 | Juan Carlos Peralta | ||
| MF | 10 | Jaime Pizarro (c) | ||
| FW | 19 | Luis Pérez | ||
| FW | 7 | |||
| Substitutes: | ||||
| FW | 21 | |||
| Manager: | ||||
| Mirko Jozić | ||||
| GK | 12 | Jorge Battaglia | ||
| DF | 22 | Mario C. Ramírez | ||
| DF | 5 | |||
| DF | 13 | César Castro | ||
| DF | 4 | Silvio Suárez | ||
| MF | 8 | |||
| MF | 6 | Jorge Guasch (c) | ||
| MF | 10 | Luis Monzón | ||
| MF | 16 | |||
| FW | 19 | |||
| FW | 7 | Gabriel González | ||
| Substitutes: | ||||
| FW | 17 | |||
| FW | 15 | Cristóbal Cubilla | ||
| Manager: | ||||
| Luis Cubilla | ||||
Assistant referees: Wilson dos Santos José Da CostaFourth official: Iván Guerrero |