The knockout stage of the 2023 Leagues Cup was the second and final stage of the competition, following the group stage. The knockout stage began on August 2 and concluded with the final on August 19. The top two teams from each group advanced to the knockout stage to compete in a single-elimination tournament. There were 32 matches in the knockout stage, including a third-place play-off played between the two losing teams of the semi-finals.
The knockout stage of the 2023 Leagues Cup was contested between 30 teams that qualified from the group stage and two that received a bye. Matches in the knockout stage were played to a finish. If the score of a match was level at the end of 90 minutes of playing time, no extra time was played, and the match was decided by a penalty shoot-out.
The top two placed teams from each of the fifteen groups qualified for the knockout stage, joining Los Angeles FC and Pachuca, who received byes to this round.
The tournament bracket is shown below, with bold denoting the winners of each match.
<section begin=Bracket /><section end=Bracket />
<section begin=R32 /> The matches were played from August 2 to 4, 2023.
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<section begin=R16 /> The matches were played from August 6 to 8, 2023.
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<section begin=QF /> The matches were played on August 11, 2023.
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<section begin=SF /> The matches were played on August 15, 2023.
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<section begin=3rd /> The winner of the third place match qualified for the first round of the 2024 CONCACAF Champions Cup.
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Both clubs in the final qualified for the 2024 CONCACAF Champions Cup, with the winners qualifying directly to the round of 16.