The 1988–89 Soviet League Cup was the 21st and final edition of the Soviet Cup ice hockey tournament. Unlike previous editions, the 1989 competition was held as a League Cup, with only the 10 best teams from the Soviet Championship League being eligible to participate. Krylya Sovetov Moscow won the cup for the third time in their history. Six teams participated in the preliminary round, with Dynamo Moscow, Krylya Sovetov Moscow, CSKA Moscow, and Khimik Voskresensk receiving byes until the knockout round.
Preliminary round
Knockout round
Quarterfinals
Sokol Kiev - Dynamo Moscow 1:2 (4:5, 5:3, 5:9) Avtomobilist Sverdlovsk - Krylya Sovetov Moscow 1:2 (6:3, 5:6, 6:9)
Semifinals
Dynamo Moscow - CSKA Moscow 2:0 (3:2, 4:3) Krylya Sovetov Moscow - Khimik Voskresensk 2:0 (6:4, 2:1 OT)
Final
Krylya Sovetov Moscow - Dynamo Moscow 2:0 (4:2, 4:1)