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| H | Universidad Católica | - | Nacional | 1:1 (1:0) | ||
| R | Nacional | - | Universidad Católica | 0:0 (0:0) | ||
| H: 07.09.1988 | R: 14.09.1988 | Sieger: Nacional | ||||
| H | América de Cali | - | Universitario de Deportes | 1:0 (0:0) | ||
| R | Universitario de Deportes | - | América de Cali | 2:2 (1:2) | ||
| H: 07.09.1988 | R: 14.09.1988 | Sieger: América de Cali | ||||
| H | San Lorenzo | - | Guarani - SP | 1:1 (1:0) | ||
| R | Guarani - SP | - | San Lorenzo | 0:1 (0:1) | ||
| H: 07.09.1988 | R: 14.09.1988 | Sieger: San Lorenzo | ||||
| H | Bolívar | - | Newell's Old Boys | 1:0 (1:0) | ||
| R | Newell's Old Boys | - | Bolívar | 3:2 (1:0, 1:0, 1:0) i.E. | ||
| H: 07.09.1988 | R: 14.09.1988 | Sieger: Newell's Old Boys | ||||
| H | Oriente Petrolero | - | Colo-Colo | 2:1 (1:0) | ||
| R | Colo-Colo | - | Oriente Petrolero | 0:0 (0:0) | ||
| H: 08.09.1988 | R: 14.09.1988 | Sieger: Oriente Petrolero | ||||
