First Stage
The matches were played from 10 February to 20 April. Teams from the same nation could not be drawn against one another.
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg |
|---|---|---|---|---|
| Independiente | 1–3 | Cruzeiro | 1–2 | 0–1 |
| Peñarol | 1–2 | Argentinos Juniors | 1–0 | 0–2 |
| Estudiantes | 1–4 | Flamengo | 1–1 | 0–3 |
| Olimpia | 2–4 | River Plate | 2–0 | 0–4 |
| Boca Juniors | 1–2 | Grêmio | 1–0 | 0–2 |
| Racing | 2–0 | Santos | 2–0 | 0–0 |
- Nacional received a bye to the quarter-finals.
Read more about this topic: 1988 Supercopa Libertadores
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