Like the championship, the first edition of the Cup had a tight schedule as the Football Federation of Ukraine was given just several months in order to switch to the European seasonal format with the minimum required matches played.
The competition started on February 10 and the final was played on May 31. Only the members of the Vyshcha (Higher) and Persha (First) Leagues competed this season's competition. It was the first National Cup edition replacing the previous competition of the Ukrainian SSR Cup, which was organized as a regional competition. The last winner of that Soviet competition FC Temp Shepetivka was eliminated in the first round by Kremin Kremenchuk.
The competition consisted of six rounds with the sixth being the final game. All rounds were conducted as a single elimination tournament. The first two rounds and the final consisted of a single leg, while the rest included the two-leg, home and away, match-up.
The competition involved participation of clubs from the top two tiers accounting for the total of 45. The three second teams that competed in the second tier did not participate. Six members of the 1991 Soviet Top League were entering competition starting from the Round of 16. In addition to them Azovets Mariupol was given a bye to the second round.
The winner of the competition gained a chance to qualify for the UEFA Cup Winner's Cup competition.
The tournament started on February 10, 1992, with the game between Podillia Khmelnytsky and Bukovyna Chernivtsi right in the middle of the Zakarpattia Oblast in the village of Ilnytsia and culminated in the final game in Kyiv on May 31, 1992. With the organization of the Ukrainian Cup competition the three Ukrainian clubs Dynamo Kyiv, Chornomorets Odesa, and Metalist Kharkiv that still were in competition of the Soviet Cup with their quarterfinals games scheduled on March 25, 1992, had those fixtures canceled, abandoning that competition.
The highest attending game happened to be in the Round of 16 when FC Skala Stryi were playing against FC Dynamo Kyiv in the city of Stryi in front of 17,000 spectators. Skala lost that game in the overtime by the goal from Oleg Salenko. Even the final game attendance of 12,000 could not beat that festival of sport in the small city of the Lviv Oblast. The lowest attendance of the competition was in the game between Kolos Nikopol and Polissia Zhytomyr which took place on February 16, 1992, just outside the city of Nikopol in Chkalove village and was witnessed only by 150 people. The highest scoring game took place in Odesa when the local Chornomorets avenged its poor performance in Zhytomyr by beating Polissia 7:1. The biggest margin in goals scored was recorded in Zaporizhia when the local Metalurh won over Vahonobudivnyk 7:0. The most surprising was the elimination of the Soviet Cup participant Dynamo Kyiv that lost its quarterfinal stand off against the ZaporizhianAutomakers 1:2 in aggregate.
Competition schedule
First round
All games took place on February 16, 1992, except the game in Zakarpattia between Podillia – Bukovyna which took place on February 10, 1992.
All 39 clubs out 45 took part in this round. The other six clubs, participants of the Soviet Top League, received bye for the next two rounds to the Round of 16. The 39 clubs played off for another 10 passes.
Most of games took place on February 23, 1992. The game in Crimea between Polissia – Stal took place on February 21, 1992, and the game in Bukovyna between Bukovyna – Azovets took place on February 28, 1992.
