The 2023–24 AFC Cup knockout stage was played from 12 February to 5 May 2024. A total of 11 teams competed in the knockout stage to decide the champions of the 2023–24 AFC Cup.
The following teams advanced from the group stage:
In the knockout stage, the 11 teams will play a single-elimination tournament. Each tie was played on a home-and-away two-legged basis, except the ASEAN Zone's semi-finals, ASEAN Zone's final and the final which will be played as a single match. Extra time and penalty shoot-out will be used to decide the winners if necessary (note that the away goals rule is abolished). (Regulations Article 11.3).
The draw for the Zonal finals and the Inter-zone play-off semi-finals was held on 28 December 2023, 14:00 MYT (UTC+8), at the AFC House in Kuala Lumpur, Malaysia.
After the draw, the schedule of each round is as follows.
In the Zonal semi-finals, the four qualified teams from the West Asia Zone (Groups A–C) play in two ties, and the four qualified teams from the ASEAN Zone (Groups F–H) play in two ties, with the matchups and order of legs determined by the group stage draw and the identity of the best runners-up.
Al-Nahda won 4–2 on aggregate.
1–1 on aggregate. Al Ahed won on penalties.
Draw for the Zonal finals was held on 28 December. In the Zonal finals, the two winners of West Asia Zonal semi-finals play each other, with the order of legs decided by draw. The two winners of ASEAN Zonal semi-finals play each other, with the host decided by draw. The winners of the West Asia Zonal final advances to the final, while the winners of the ASEAN Zonal final advance to the Inter-zone play-off semi-finals.
Al Ahed won 3–2 on aggregate.
Draw for the Inter-zone play-off semi-finals was held on 28 December. In the Inter-zone play-off semi-finals, the four zonal winners other than the West Asia Zone play in two ties (the winners of the South Asia Zone (Group D), the winners of the Central Asia Zone (Group E), the winners of the East Asia Zone (Group I), and the winners of the ASEAN Zonal final. The matchups and order of legs will be decided by draw.
Abdysh-Ata Kant won 8–1 on aggregate.
Central Coast Mariners won 4–0 on aggregate.
In the Inter-zone play-off final, the two winners of the Inter-zone play-off semi-finals will play each other, with the order of legs determined by the Inter-zone play-off semi-final draw. The winners of the Inter-zone play-off final advance to the final.
Central Coast Mariners won 4–1 on aggregate.
In the final, the winners of the West Asia Zonal final and the winners of the Inter-zone play-off final will play each other, with the host team (winners of the West Zone) alternated from the previous season's final.
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