Played between the winners of the European Champions' Cup and the South American Copa Libertadores. Originally played in home and away format. After some encounters had ended in rather bad brawls (Estudiantes notoriously guilty), several European champions decided to forfeit the honour and left it to the runners-up of the Champions Cup (one, Atlético Madrid, actually winning it). Twice, in 1975 and 1978, the matches were not played at all. 

Since the beginning of the eighties the Cup was sponsored by Toyota and played in one leg in Tokyo (Tokyo National Stadium or Kokuritsu Kyogijou, from 1980 to 2001) or Yokohama (Yokohama International Stadium or Yokohama Kokusai Sougou Kyougijou, from 2002 to 2004).

Although FIFA organised their own world club championship in 2000, featuring teams from all confederations, the Toyota Cup continued until the final edition in 2004, with FIFA taking over in 2005 for the second edition of their own tournament (originally scheduled for 2001).