The knockout stage of the 1995–96 UEFA Champions League began on 6 March 1996 and ended with the final at the Stadio Olimpico in Rome on 22 May 1996. The top two teams from each of the four groups in the group stage competed in the knockout stage. The quarter-finals were predetermined with pairings being Group A vs Group B and Group C vs. Group D. A group winner played the runners-up from the other group, with the group winner host the second leg. For the semi-final, the fixtures were also predetermined, with the ties containing the group winners of A and D playing each other, as well as those of groups B and C. The order of matches from the semifinals onward was decided by a draw.
The knockout stage involved the eight teams which qualified as winners and runners-up of all four groups in the group stage.
| Group | width=210 | Winners (seeded in quarter-final draw) | width=210 | Runners-up (unseeded in quarter-final draw) |
|---|---|---|---|---|
| A | Panathinaikos | Nantes | ||
| B | Spartak Moscow | Legia Warsaw | ||
| C | Juventus | Borussia Dortmund | ||
| D | Ajax | Real Madrid |
Each quarter-final and semi-final was played over two legs, with each team playing one leg at home; the team that scored the most goals over the two legs qualified for the following round. In the event that the two teams scored the same number of goals over the two legs, the team that scored more goals away from home qualified for the next round; if both teams scored the same number of away goals, matches would go to extra time and then penalties if the teams could not be separated after extra time.
|}
------------
Juventus won 2–1 on aggregate.----Nantes won 4–2 on aggregate.----Ajax won 3–0 on aggregate.----Panathinaikos won 3–0 on aggregate.
|}
----
Juventus won 4–3 on aggregate.----Ajax won 3–1 on aggregate.
See main article: 1996 UEFA Champions League Final.