More national teams entered the competition that took place in Italy that year than in 1930, so for the first time qualifiers were organized. The big absentee was the team from Uruguay, which didn't intend to participate in the cup. The official reason was financial problems, but there were rumours about this being a way of getting back at the major European teams for not participating in the competition in 1930. Once again the British Isles didn't show interest in the games organized by FIFA. The team from Argentina arrived in substitute squad to protest against Italians, who had acquired three of Argentina's top players of Italian descent.

The competition in Italy was organized as play-offs (without groups). European teams dominated after they eliminated teams from Argentina, Brazil, Egypt and USA in the first round. The games in the second round were more equalized (all the games were won by one goal). The quarterfinal game between teams from Italy and Spain was dramatic and the referees handed the victory to the "squadra azzurra". In the semi-final Italians defeated Austria 1:0, not without trouble, and Czechoslovakia beat Germany. 45,000 people attended the final match. The Italian team won in extended time, even though 10 minutes before the end of the game they were loosing 0:1. Germany defeated Austria 3:2 in the 3. place game.

Top players of the tournament: Sindelar (Austria), Najedlý, Plánicka (Czechoslovakia), Conen (Germany), Meazza, Monti, Orsi (Italy), Zamora (Spain).