| Tourney Name: | Copa Libertadores de América |
| Year: | 1988 |
| Dates: | June 29 – October 26 |
| Num Teams: | 21 |
| Associations: | 10 |
| Champion Other: | Nacional |
| Count: | 3 |
| Second Other: |  Newell's Old Boys |
| Matches: | 83 |
| Goals: | 170 |
| Top Scorer: |  Arnoldo Iguarán (5) |
| Prevseason: | 1987 |
| Nextseason: | 1989 |
The 1988 Copa Libertadores de América was the 29th edition of the Copa Libertadores, South America's premier international club football tournament organized by CONMEBOL. This season's defending champion Peñarol of Uruguay entered the tournament in the third stage, where they were defeated by San Lorenzo of Argentina. In the finals, Nacional defeated Newell's Old Boys for their third title.
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 Uruguay competed as Peñarol was champion of the 1987 Copa Libertadores. They entered the tournament in the third stage.
Newell's Old Boys and San Lorenzo played an extra match to determine the winner of the group.
The group winners and runners-up were drawn in the second stage of the competition. The away goals rule was applied to determine the winner between Nacional and Universidad Católica.
| Teams | Scores | Tie-breakers | |||||
|---|---|---|---|---|---|---|---|
| Team 1 | Team 2 | 1st leg | 2nd leg | ||||
| Nacional | 2:2 | Universidad Católica | 1–1 | 0–0 | 0–0 | 1–0 | — |
Universitario  | 1:3 | América de Cali | 0–1 | 2–2 | — | — | — |
| 1:3 |  Oriente Petrolero | 1–2 | 0–0 | — | — | — | |
Guarani  | 1:3 | San Lorenzo | 1–1 | 0–1 | — | — | — |
| Newell's Old Boys | 2:2 | Bolívar | 0–1 | 1–0 | 0–0 | 0–0 | 3–2 |
The defending champion Peñarol entered the competition in this round. The three winners and the best-ranked loser advanced to the semifinals.
| Teams | Scores | Tie-breakers | ||||||
|---|---|---|---|---|---|---|---|---|
| Team 1 | Team 2 | 1st leg | 2nd leg | |||||
| San Lorenzo | 3:1 | Peñarol | 0–0 | 1–0 | — | — | — | |
| Nacional | 3:1 | Newell's Old Boys | 1–1 | 2–1 | — | — | — | |
| América de Cali | 3:1 | Oriente Petrolero | 1–1 | 2–0 | — | — | — | |
| Teams | Scores | Tie-breakers | ||||||
|---|---|---|---|---|---|---|---|---|
| Team 1 | Team 2 | 1st leg | 2nd leg | |||||
| San Lorenzo | 0:4 | Newell's Old Boys | 0–1 | 1–2 | — | — | — | |
| América de Cali | 1:3 | Nacional | 0–1 | 1–1 | — | — | — | |
See main article: 1988 Copa Libertadores Finals.
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Paraguay