The 1972 FIBA Korać Cup was the inaugural edition of FIBA's competition for European basketball non national champions and cup winners, running from 4 January to 7 March 1972. 8 teams took part in the competition.

Lokomotiva from Zagreb defeated OKK Beograd (another Yugoslav club), in a two-legged final to become the competition's first champion.

Country Teams Clubs (ranking in 1970–71 national league) France 2 Olympique Antibes Caen Spain 2 Picadero Manresa La Casera Yugoslavia 2 OKK Beograd Lokomotiva Belgium 1 Standard Liège West Germany 1 USC München

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
USC München	117–162	OKK Beograd	71–79	46–83
Manresa La Casera	165–180	Olympique Antibes	81–85	84–95
Caen	170–212	Lokomotiva	83–109	87–103
Picadero	140–160	Standard Liège	61–63	79–97

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
OKK Beograd	160–137	Olympique Antibes	99–72	61–65
Lokomotiva	167–145	Standard Liège	71–54	96–91

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
OKK Beograd	156–165	Lokomotiva	83–71	73–94

1972 FIBA Korać Cup Champions
Lokomotiva 1st title

• Linguasport 1972 FIBA Korać Cup^[usurped]
• 1972 FIBA Korać Cup