The Supercopa Sudamericana 1988 was the inaugural year of the competition. The tournament was open to all the past winners of the Copa Libertadores. It commenced on 10 February and concluded on 18 June. A total of 13 football clubs entered the first round draw.
The matches were played from 10 February to 20 April. Teams from the same nation could not be drawn against one another.|-| style="text-align: center;" colspan="3"| Nacional| style="text-align: center;" colspan="2"|(Bye) |-|}
Knockout stage
Quarter finals
The matches were played from 28 April to 18 May. Racing Club received a bye into the next round.|-| style="text-align: center;" colspan="3"| Racing Club| style="text-align: center;" colspan="2"|(Bye) |-|}