| Tourney Name: | Copa Mercosur |
| Yearr: | 1998 |
| Dates: | 29 July – 29 December 1998 |
| Num Teams: | 20 |
| Associations: | 5 |
| Champion Other: |  Palmeiras |
| Count: | 1 |
| Second Other: | Cruzeiro |
| Matches: | 75 |
| Goals: | 218 |
| Top Scorer: | Alex Fábio Júnior (6 goals each) |
| Nextseason: | 1999 |
The Copa Mercosur 1998 was the 1st staging of the international club cup.
The competition started on 29 July 1998 and concluded on 29 December 1998 with Palmeiras beating Cruzeiro in the final.
| width=125 | Country | width=150 | Team |
|---|---|---|---|
 Argentina(6 berths) | Boca Juniors | ||
| Independiente | |||
| Racing | |||
| River Plate | |||
| San Lorenzo | |||
| Vélez Sársfield | |||
(7 berths) | Corinthians | ||
| Cruzeiro | |||
| Grêmio | |||
| Flamengo | |||
| Palmeiras | |||
| São Paulo | |||
| Vasco da Gama | |||
(3 berths) | Colo-Colo | ||
| Universidad Católica | |||
| Universidad de Chile | |||
 Paraguay(2 berths) | Cerro Porteño | ||
| Olimpia | |||
(2 berths) | Nacional | ||
| Peñarol | |||
---- ---- ----
Palmeiras won 4–2 on aggregate.----Cruzeiro won 4–1 on aggregate.----Olimpia won 6–4 on aggregate.----1–1 on aggregate. San Lorenzo won 2–0 on penalties.
----
Match abandoned after 69 minutes due to crowd trouble. Result allowed to stand. Palmeiras won 3–0 on aggregate.----Cruzeiro won 2–1 on aggregate.
| Copa Mercosur 1998 Winner | |
|---|---|
| |
| Palmeiras First Title |