For the first stage, the 12 teams were drawn into six ties containing a team from Pot 1 and a team from Pot 2, with the former hosting the second leg in three ties, and the latter hosting the second leg in the other three ties. The seeding of each team was determined by which associations reached the furthest stage in the previous Copa Libertadores.
For the second stage, the 32 teams were drawn into eight groups of four containing one team from each of the four seeding pots. The seeding of each team was determined by their association and qualifying berth (as per the rotational agreement established by CONMEBOL, the teams which qualified through berths 1 from Colombia, Ecuador, Peru and Venezuela were seeded into Pot 1 for odd-numbered years). Teams from the same association in Pots 1 and 3 could not be drawn into the same group. However, a first stage winner, whose identity was not known at the time of the draw, could be drawn into the same group with another team from the same association.
In the second stage, each group was played on a home-and-away round-robin basis. Each team earned 3 points for a win, 1 point for a draw, and 0 points for a loss. If tied on points, the following criteria were used to determine the ranking: 1. Goal difference; 2. Goals scored; 3. Away goals scored; 4. Drawing of lots. The winners and runners-up of each group advanced to the round of 16.
Each tie was played on a home-and-away two-legged basis, with the higher-seeded team hosting the second leg. However, CONMEBOL required that the second leg of the finals must be played in South America, i.e., a finalist from Mexico must host the first leg regardless of seeding.
The finals were played on a home-and-away two-legged basis, with the higher-seeded team hosting the second leg. If tied on aggregate, the away goals rule was not used, and 30 minutes of extra time was played. If still tied after extra time, the penalty shoot-out was used to determine the winner.