nowrap|DrawThe draw of the tournament was held on December 2, 2014, at the CONMEBOL Convention Centre in Luque, Paraguay. 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. The seeding of each team was determined by which associations reached the furthest stage in the previous Copa Libertadores.
| Pot A | Pot B | HuracánScheduleThe schedule of the competition was as follows. There was a two-month break between the quarterfinals and semifinals due to the 2015 Copa América. ;NotesFirst stageIn the first stage, each tie was played on a home-and-away two-legged basis. If tied on aggregate, the away goals rule would be used. If still tied, the penalty shoot-out would be used to determine the winner. The six winners of the first stage advanced to the [|second stage] to join the 26 automatic qualifiers.Second stageIn the second stage, each group was played on a home-and-away round-robin basis. The teams were ranked according to points. If tied on points, tiebreakers were applied in the following order: 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].Group 1Group 2Group 3Group 4Group 5Group 6Group 7Group 8Final stagesIn the final stages, the 16 teams played a single-elimination tournament, with the following rules:
- 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 had to be played in South America, i.e., if there was a finalist from Mexico, they would have to host the first leg regardless of seeding.
- In the round of 16, quarterfinals, and semifinals, if tied on aggregate, the away goals rule would be used. If still tied, the penalty shoot-out would be used to determine the winner.
- In the finals, if tied on aggregate, the away goals rule would not be used, and 30 minutes of extra time would be played. If still tied after extra time, the penalty shoot-out would be used to determine the winner.
- If there were two semifinalists from the same association, they would have to play each other.
Seeding The qualified teams were seeded in the final stages according to their results in the second stage, with the group winners seeded 1–8, and the group runners-up seeded 9–16.BracketRound of 16;NotesQuarterfinalsSemifinalsFinalsThe finals were played on a home-and-away two-legged basis. If tied on aggregate, the away goals rule would not be used, and 30 minutes of extra time would be played. If still tied after extra time, the penalty shoot-out would be used to determine the winner. Since UANL are not a South American club, by rule they had to host the first leg regardless of seeding.Top goalscorers| Rank | Player | Team | Goals | | 1 | 
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