The city hosted, among other events, the FIFA World Cup in 1934 and 1990, the UEFA European Football Championship in 1980; most recently the 2003 World Rowing Championships, the 2009 World Boxing Championships and some games of the upcoming FIVB World Championship in 2010.

In the early 1990s, Milan attempted to bid for the 2000 Summer Olympics, but withdrew shortly after submitting the bid book to IOC due to the Tangentopoli scandal just coming up in those days.

Football is the most popular sport in Italy, and Milan is home to two world-famous football teams: A.C. Milan and F.C. Internazionale Milano. The former is normally referred to as "Mìlan" (notice the stress on the first syllable, unlike the English and Milanese name of the city), the latter as "Inter". A match between these two teams is known as the Milan derby or the Derby della Madonnina (in honor of one of the main sights of the city, a statue of the Virgin Mary "Madonnina" on top of the Duomo di Milano).

Milan is the only city in Europe who has two European Cup/Champions League winning teams (A.C. Milan and Internazionale), and both teams have also won the Intercontinental Cup (now FIFA Club World Cup). With a combined ten Champions League titles, Milan has won more European Cups than any other city. Both teams play at the UEFA 5-star rated, 85,700-seated Giuseppe Meazza Stadium, more commonly known as the San Siro. The San Siro is one of the biggest stadiums in Europe. Inter is the only team to spend its entire history in the Serie A while Milan has spent all but two seasons in top-flight.

Many famous Italian football players were born in Milan or in the province. Some famous Milan-born players include Valentino Mazzola, Paolo Maldini, Giuseppe Meazza, Gaetano Scirea, Giuseppe Bergomi, Walter Zenga, and Giovanni Trapattoni and many others.

Milanese football teams, such as Inter and A.C. Milan contain several well-known foreign football players. Examples include Ronaldhino and Pato,[94] neither of which will play in the Brazilian national football team at the 2010 FIFA World Cup in South Africa, Samuel Eto'o who plays for Inter Milan, he is the captain of his national team Cameroon, and also 3 time winner of African Player Of The Year. Lúcio, who also plays for Inter Milan, and David Beckham, who was on loan to A.C Milan.