The tournament consists of several stages. In the present format it begins in mid-July with three preliminary knockout qualifying rounds. The 16 surviving teams join 16 seeded teams in a group stage. Eight group winners and eight runners-up enter the final knockout rounds, which end with the final match in May. Previously only the champions of their respective national league could participate in the competition; however, this was changed in 1997 to allow the runners-up of the stronger leagues to compete as well.

The title has been held by a number of different clubs, where some have won the title more than once. The all-time record-holder is Real Madrid with their nine wins. AC Milan have won it seven times, Liverpool FC five times, Ajax and Bayern Munich four times.

The current holders are Manchester United F.C. who beat Chelsea F.C. 6-5 on penalties, 1-1 after extra time, in Moscow on the 21st May 2008