The knockout stage of the 2006–07 UEFA Champions League started on 20 February 2007 and culminated with the final match at the Olympic Stadium in Athens on 23 May. The draw for the first knockout round took place on 15 December 2006 and involved each of the top two teams from each group in the group stage. The winner of each group was paired up with the runner-up from another group.
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Each knockout round tie consisted of two-legged matches, home and away, in which the team with the higher aggregate score progressed to the next round, with the exception of the final, which was played over just one match at a neutral venue. In the event that the two teams' aggregate scores were tied, the team that scored more goals in their away leg would progress to the next round.
First leg
All times CET
Second leg
All times CET
Chelsea won 3–2 on aggregate.
Liverpool 2–2 Barcelona on aggregate. Liverpool won on away goals.
Roma won 2–0 on aggregate.
Valencia 2–2 Internazionale on aggregate. Valencia won on away goals.
PSV Eindhoven won 2–1 on aggregate.
Bayern Munich 4–4 Real Madrid on aggregate. Bayern Munich won on away goals.
Manchester United won 2–0 on aggregate.
Milan won 1–0 on aggregate.
First leg
All times CET
Second leg
All times CET
Manchester United won 8–3 on aggregate
Chelsea won 3–2 on aggregate
Milan won 4–2 on aggregate
Liverpool won 4–0 on aggregate
First leg
All times CET
Second leg
All times CET
Chelsea 1–1 Liverpool on aggregate. Liverpool won 4–1 on penalties.
Milan won 5–3 on aggregate.