| Tourney Name: | Copa Libertadores de América |
| Year: | 1992 |
| Dates: | February 18 – June 17 |
| Num Teams: | 21 |
| Associations: | 10 |
| Champion Other: |  São Paulo |
| Count: | 1 |
| Second Other: |  Newell's Old Boys |
| Matches: | 98 |
| Goals: | 236 |
| Top Scorer: | Palhinha (7 goals) |
| Prevseason: | 1991 |
| Nextseason: | 1993 |
The 1992 Copa Libertadores was the 33rd edition of the Copa Libertadores, CONMEBOL's annual international club tournament. São Paulo won the competition.
| width=125 | Country | width=170 | Team | width=300 | Qualification method |
|---|---|---|---|---|---|
| CONMEBOL (1 berth) | Colo-Colo | 1991 Copa Libertadores champion | |||
| Argentina (2 berths) | Newell's Old Boys | 1990–91 Primera División champion | |||
| San Lorenzo | 1990–91 Liguilla Pre-Libertadores winner | ||||
(2 berths) | Bolívar | 1991 Primera División champion | |||
| San José | 1991 Primera División runner-up | ||||
(2 berths) | São Paulo | 1991 Campeonato Brasileiro Série A champion | |||
| Criciúma | 1991 Copa do Brasil champion | ||||
(2 berths) | Coquimbo Unido | 1991 Primera División runner-up | |||
| Universidad Católica | 1991 Liguilla Pre-Libertadores winner | ||||
(2 berths) | Atlético Nacional | 1991 Campeonato Profesional champion | |||
| América de Cali | 1991 Campeonato Profesional runner-up | ||||
(2 berths) | Barcelona | 1991 Campeonato Ecuatoriano champion | |||
| 1991 Campeonato Ecuatoriano runner-up | |||||
 Paraguay(2 berths) | Sol de América | 1991 Primera División champion | |||
| Cerro Porteño | 1992 Pre-Libertadores playoff winner | ||||
(2 berths) | Sporting Cristal | 1991 Primera División champion | |||
| Sport Boys | 1991 Primera División runner-up | ||||
(2 berths) | Defensor Sporting | 1991 Liguilla Pre-Libertadores winner | |||
| Nacional | 1991 Liguilla Pre-Libertadores runner-up | ||||
(2 berths) | Universidad de Los Andes | 1990–91 Primera División champion | |||
| Marítimo | 1990–91 Primera División runner-up | ||||
The champions and runners-up of each football association were drawn into the same group along with another football association's participating teams. Three clubs from Chile competed as Colo-Colo was champion of the 1991 Copa Libertadores.
Colo-Colo, as the previous year champions, should join the competition only in the Round of 16, but they requested to start the competition in the group stage, due to financial reasons, thus five clubs participated in this group.[1]
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See main article: 1992 Copa Libertadores Finals.