Sixteen teams were drawn into two groups of six and one group of five. In each group, teams played against each other home-and-away. The top two teams in each group advanced to the Second round. Peñarol, the title holders, had a bye to the next round.
^Declined to play because playing in this tournament would jeopardize their performance in their national league. [dead link]
^ abJosé Luis Pierrend; John Beuker; Pablo Ciullini; Karel Stokkermans (29 November 2012). "Copa Libertadores de América 1967". RSSSF. Retrieved 9 December 2012. (Note - source also includes individual match scores, dates and goalscorers)