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| H | AC Milan | - | Lierse SK | 2:0 (2:0) | ||
| R | Lierse SK | - | AC Milan | 1:1 (0:0) | ||
| H: 23.02.1972 20:30 | R: 07.03.1972 20:00 | Sieger: AC Milan | ||||
| H | UT Arad | - | Tottenham Hotspur | 0:2 (0:2) | ||
| R | Tottenham Hotspur | - | UT Arad | 1:1 (0:0) | ||
| H: 07.03.1972 14:30 | R: 21.03.1972 20:30 | Sieger: Tottenham Hotspur | ||||
| H | Juventus | - | Wolverhampton Wanderers | 1:1 (1:0) | ||
| R | Wolverhampton Wanderers | - | Juventus | 2:1 (1:0) | ||
| H: 07.03.1972 20:30 | R: 22.03.1972 20:30 | Sieger: Wolverhampton Wanderers | ||||
| H | Ferencvárosi TC | - | Željezničar Sarajevo | 1:2 (1:1) | ||
| R | Željezničar Sarajevo | - | Ferencvárosi TC | 4:5 (1:1, 1:2, 1:2) i.E. | ||
| H: 09.03.1972 17:30 | R: 22.03.1972 17:30 | Sieger: Ferencvárosi TC | ||||
