Unlike in 1957 as many as 6 teams qualified this time. The Soviet Union and Yugoslavia, the first two teams from the previous championship, had been awarded automatic qualification while Hungary, Czechoslovakia, West Germany and Spain won their four respective preliminary groups. Spain's success in particular was quite unexpected since a year earlier in the Leipzig Olympiad they came only 20th. Teams like Bulgaria, Romania or England had been expected in Oberhausen instead.

On the first day USSR destroyed Spain 9-1, which was thought by many to be a standard result, but Hungary ran over Czechoslovakia by almost the same margin (8½-1½ to be precise). The result itself was not a sensation, but no one expected such a big margin. On day two the Soviets beat dangerous Yugoslavia to pave their way to victory. They achieved the same 6½-3½ result vs Hungary on day 4 and finished the first cycle with a ruthless 7-3 over the Germans, despite Botvinnik's loss vs Unzicker. Hungary were lying in second position with a five-point deficit and Yugoslavia were another three points behind.

The Czechs and Slovaks took sweet revenge on Hungary at the beginning of the return cycle beating them 5½-4½ to let Yugoslavia close the gap to the Hungarians. The Soviets won all of the return-cycle matches in style beating both Hungary and Yugoslavia 7-3. Before the last round started Hungary had a half of a point advantage over Yugoslavia whom they were yet to play, so Yugoslavia needed a win in order to take the silver. The match was a horror for the Hungarians who went down 8-2 losing six games and only drawing four. Czechoslovakia easily defended 4th position while West Germany, who lost nine matches and drew only one, were 5th. Spain, who won three matches (including two wins over the Germans), came last.

The Soviets won their second ETCh trophy with ease, earning 8 out of 12 best board individual prizes. As in 1957, the best individual score was achieved by Korchnoi who scored a fabulous 8½/9. Yugoslavia took silver despite Gligorić's poor form (no win and two game losses) - best results were achieved by Čirić and Đurašević. Hungary slowed down the pace after an excellent start (holding the lead for the first few days) and none of the players of the Hungarian team scored more than a decent 65% (best result: Portisch). And of course last round's debacle is another story. Czechoslovakia, West Germany and Spain were far weaker. Players to be highlighted here: Trapl of Czechoslovakia (including a win over Tolush), Unzicker (1-1 vs Botvinnik and 6/10 overall) and Ballbé Anglada of Spain (6½/8 with no loss at first reserve board).