| Wednesday 13th September 1972 | |||
| 1st Leg | |||
| Anderlecht | 4-2 | Vejle | |
| Aris Bonnevoie | 0-2 | Arges Darcia Pitesti | |
| Celtic | 2-1 | Rosenborg | |
| CSKA Sofia | 2-1 | Panathinaikos | |
| Derby County | 2-0 | Zeljeznicar Sarajevo | |
| Galatasaray | 1-1 | Bayern Munich | |
| Magdeburg | 6-0 | TPS Turku | |
| Malmo | 1-0 | Benfica | |
| Marseille | 1-0 | Juventus | |
| Real Madrid | 3-0 | Keflavik | |
| Sliema Wanderers | 0-5 | Gornik Zabrze | |
| Ujpesti Dozsa | 2-0 | Basle | |
| Wacker Innsbruck | 0-1 | Dinamo Kiev | |
| Waterford United | 2-1 | Omonia Nicosia | |
| Wednesday 27th September 1972 | |||
| 2nd Leg | |||
| Arges Darcia Pitesti | 4-0 | Aris Bonnevoie | (6-0) |
| Basle | 3-2 | Ujpesti Dozsa | (3-4) |
| Bayern Munich | 6-0 | Galatasaray | (7-1) |
| Benfica | 4-1 | Malmo | (4-2) |
| Dinamo Kiev | 2-0 | Wacker Innsbruck | (3-0) |
| Gornik Zabrze | 5-0 | Sliema Wanderers | (10-0) |
| Juventus | 3-0 | Marseille | (3-1) |
| Keflavik | 0-1 | Real Madrid | (0-4) |
| Omonia Nicosia | 2-0 | Waterford United | (3-2) |
| Rosenborg | 1-3 | Celtic | (2-5) |
| TPS Turku | 1-3 | Magdeburg | (1-9) |
| Vejle | 0-3 | Anderlecht | (2-7) |
| Zeljeznicar Sarajevo | 1-2 | Derby County | (1-4) |
| Thursday 26th October 1972 | |||
| 2nd Leg | |||
| Panathinaikos | 0-2 | CSKA Sofia | (1-4) |
