The Intercontinental Cup was first offered in 1960 for competition between the winners of the European Champions League and the Copa Libertadores.

The competition followed a best-of-three format from 1960 through 1968 and switched to a two-game, total-goals in 1969.

Toyota began sponsoring the cup in 1980. From that year through 2004, it was a one-game championship, played annually in Toyko.

In 2005, the Intercontinental Cup was merged with the FIFA Club World Championship to become the FIFA Club World Cup.