The Portuguese outfit needed to better Olympiacos's result against Anderlecht if they were to advance to the knockout stages, while PSG had already booked their place in the next round as winners of the group.
Despite winning the match, Benfica were forced to settle for a spot in the Europa League after they failed to better Olympiacos's result.
Read how the match unfolded in our live commentary below.
6.51pmThis should be a cracking game of football in the stadium that will play host to the final of this competition in May. The locals can risk getting anything less than a win as they scrap to book their place in the next round of the competition.
6.53pmBenfica currently find themselves third in Group C, only behind Olympiacos on goal difference. However, they also have a worse head-to-head record against the Greeks, having lost when they made the trip to Athens compared to their draw here. Simply said, Benfica have to better Olympiacos's result against Anderlecht tonight to go through. So they'll be rooting for the Belgians in that clash.
6.55pmRegardless of what goes on in Greece, Benfica must concentrate on what is in front of them tonight, and they don't come much tougher than the French champions. Paris Saint-Germain have already secured their spot in the knockout stages of the competition as group winners, and have breezed this pool in truth, despite one or two bumps along the way.
6.56pmBenfica will be keen to avoid a repeat of what happened when these two met at the Parc des Princes earlier in the campaign, when a Zlatan Ibrahimovic brace and a goal from Marquinhos gave the hosts a 3-0 win, with all three strikes coming in the opening half an hour.
6.58pmA matching result here is unlikely though at first glance, with Laurent Blanc expecting to rest a number of his star players. Meanwhile, Jesus Jorge has no choice but to simply go for it. It's make or break tonight for Benfica.
6.59pmAnd on the topic of team news, let's see what starting lineups both clubs are fielding tonight. We'll start with the home team.
7.18pmLaurent Blanc has decided to make nine alterations ahead of this match, coming off the back of a 5-0 win over Ligue 1 basement club Sochaux.
7.19pmOnly Salvatore Sirigu and Thiago Motta keep their place in the starting lineup. Kalifa Traore, who has never started a senior game for PSG, has been selected at right-back after Christophe Jallet picked up an injury in the warm-up.
7.21pmDespite the mass changes, that is still one ferocious-looking PSG attack. Jeremy Menez, Lucas and Edinson Cavani aren't a bad trio to draft into a game that does not really affect them.
7.27pmBenfica will still be harbouring hopes of becoming the first team to win the Champions League on their own turf. The Lisbon outfit have a pretty good record at home in this competition and are currently on a run of eight unbeaten games in front of their own fans. However, they have only progressed to the knockout rounds once in their last five attempts, were they reached the 2011/12 quarter-finals.
7.31pmBenfica are without main man Oscar Cardozo, who is still suffering with a back injury. Despite this, Jorge has only named Rodrigo on the bench, despite having scored three times in his last three games.
7.33pmOn the other side of things, tonight represents a big opportunity for a number of PSG players. Full-backs Lucas Digne and Traore have not really been able to get a look in this season, while Marquinhos is knocking on the door for a permanent starting place.
7.34pmLet's see what both managers had to say before this game, starting with Benfica's Jorge.
7.35pmJorge: "It won't matter what happens in the other match if we don't win ours. With time we'll see what we have to do here depending on what is happening in Greece."
7.35pmBlanc: "We want to maintain our high standards and win. A French side has never won here so that gives us great motivation to do so. It is difficult to play without any pressure and without the need to collect points, but the players that feature will feel good for it."
7.37pmLess than 10 minutes until kick off, and the atmosphere is building at Estadio da Luz.
7.43pmThe two teams are out at the Estadio la Luz. Just to remind you, Benfica must better Olympiacos' result to progress.
7.46pmInterestingly enough, tonight's referee is Mark Clattenburg of England.
2 minBenfica, playing from right to left, are in their first strip of red shirts, white shorts and red socks. While PSG are donning their home kit of all-navy, with red and white blocks on the shirts.
4 minPSG are just settling their way into the game after an early flurry of Benfica possession.
5 minSAVE! First shot on goal of the night and it's come from Benfica. Perez hits a curling shot from 25 yards out, which Sirigu is forced to push over in midair.
6 minBenfica have two corners in succession, but neither test the PSG goal.
7 minSAVE! Another stop from Sirigu, this time from Silvio. The Benfica went down the left before cutting inside on his right foot and hitting a low shot towards the near post, but Sirigu can get it away.
8 minSAVE! PSG have their first shot of the match on the counter-attack. Cavani has the ball on the edge of the D and lays it to the unmarked Menez on his left. The winger opens up his body, but doesn't strike it as well as he should. Still, Artur is forced to push it to one side.
10 minAfter a cagey opening, the game is turning into an end-to-end affair.
11 minPSG hang on, but Benfica should have pulled the trigger earlier. There were three chances for them to get a shot away then inside the box, but they took too long each time and PSG survive.
14 minMotta floats in a free kick from the centre of the Benfica half, but the keeper Artur comes and punches in clear among a crowd of bodies.
16 minIt's very lethargic from PSG at the moment, who don't have any pace about their game at the moment. Benfica are frantically trying to get the ball back.
18 minSilvio crosses in a teasing ball from the left which Perez. He controls it before preparing to get his shot underway, but PSG do just enough to put him off and clear the danger.
20 minBenfica are starting to take control of the game now after a spell where PSG were on top. Traore is coping fairly well on his debut so far.
23 minBenfica have a corner, but they can't challenge Sirigu once again. They've not been great at set pieces so far.
24 minBrilliant chance on the break for PSG as Cavani brings the ball into the box from the left. He tries to move closer to goal and skip past the defender, but Maxi Pereira holds him off and prevents Cavani from getting his shot away. He should have passed.
27 minCLOSE! Gaitan comes fractions away from opening the scoring. Pereira races down the right touchline and passes the ball inside to Gaitan on the right corner of the box. He puts the ball onto his stronger left foot, before bending it just wide of the far post.
29 minCLOSE! Matic wastes a good opportunity for Benfica as he heads the ball over the bar from the edge of the six-yard box following a cross from the right of the box. He needed to work Sirigu there.
30 minThe recent flurry of chances have woken up the home crowd, who are really rallying behind Benfica now.
31 minYELLOW CARD Maxi Pereira is booked for going into a tackle on Motta a fraction too high.
32 minSCORE UPDATE: There's been a goal in the other Group C game and it's bad news for Benfica. Olympiacos have just taken the lead against Anderlecht, meaning that anything that happens in Lisbon is irrelevant should the Greeks hold on to their lead.
33 minJust to further rub it in, it was former Benfica forward Javier Saviola with the goal for Olympiacos.
36 minSAVE! Menez uses a bit of skill to give himself some space on the left of the box before shooting from an acute angle. The effort was slow and poor, but Artur flapped it behind for a corner.
37 minGOAL! Benfica 0-1 Paris Saint-Germain (Edinson Cavani)
37 minQualification may have already slipped away from Benfica, as PSG go in front. Pastore crosses the ball from the left of the box, which is met at the far post by Menez. The flag stays down against the Frenchman, who is in an offside position, and get cuts the ball back on the edge of the six-yard box for Cavani to tap in.
39 minEven if Benfica can turn this game around, they're also relying on Anderlecht to get a result against Olympiacos. Nothing is going the way of the Portuguese outfit so far.
40 minSCORE UPDATE: What was I saying? Anderlecht have just found an equaliser against Olympiacos. If the Greeks draw, then Benfica have to win.
41 minSAVE! Lucas gets the ball on the right of the box and smashes a shot towards the near post where Artur is able to save. However, had he knocked the ball across the face of goal, Cavani would have had a tap in once again.
45+1 minPSG pressing now at the end of this half, can Benfica hold out until half time.
45+2 minHALF TIME: Benfica 1-1 Paris Saint-Germain
8.34pmAll of a sudden we have a game on our hands with both teams looking more lively.
8.35pmEdinson Cavani scored his 10th goal in 10 games to put PSG ahead, but Traore gave away an awful foul on Silvio after practically headbutting his block off. Lima took the resulting penalty to send the two teams level into the break.
8.37pmIt's 1-1 between Olympiacos and Anderlecht as well in Greece, but Benfica have to win.
46 minKICK OFF! PSG, playing to the left in this half, get the second period up and running.
47 minCHANCE! A great opportunity for Gaitan after Lima's shot deflects into his path, but he slices his shot well wide. They need to take those sort of chances.
50 minYELLOW CARD Motta goes into the book for treading on ankle of Perez. Such a pointless booking to pick up.
52 minSCORE UPDATE: It's still 1-1 in the other game, but Anderlecht are now down to 10 men.
53 minSAVE! Perez curls a shot at the end of a Benfica attack from the edge of the box on the left, but Sirigu can get two strong hands behind it. Benfica certainly on the up.
54 minThe atmosphere is electric at Estadio da Luz at the moment. Benfica are well on top.
56 minCLOSE! Gaitan floats a beautiful cross into the box from a free kick on the left. Luisao is seemingly blocked off by his own teammate, and puts his header just over.
57 minSCORE UPDATE: It's grim reading for Benfica fans, as Olympiacos have gone back in front against Anderlecht.
58 minGOAL! Benfica 2-1 Paris Saint-Germain (Nicolas Gaitan)
58 minBenfica are ahead as Nicolas Gaitan reacts quickest to a loose ball at the near post to dink the ball over Sirigu, after Pereira's dangerous cross had caught PSG cold.
61 minPSG CHANGES Cavani and Motta have gone off, with Matuidi and Lavezzi coming on.
63 minBenfica are doing all they can at the moment to try to go through, but it won't be enough unless Anderlecht can pull their finger out in Greece.
65 minCHANCE! Lima has a go at goal as he cuts in on his left foot and drills a low effort across the box and comfortably wide of the far post. Should have done a lot better there.
66 minBenfica should be 3-1 up as they have numerous players in the box, but they take too long and the chances dies.
69 minCLOSE! PSG couldn't come much closer to an equaliser. Lavezzi is slid into the left of the box by Menez and he dinks the ball over Artur and towards the bottom corner, but it creeps just wide of the far post.
77 minYELLOW CARD Rabiot slices through Cavaleiro, who was quicker to the ball.
79 minBenfica are playing very defensively at the moment as they try to protect their lead. That's all they can do though, as they need Anderlecht to find a leveller at Olympiacos.
85 minThis game is pretty flat right now, but Benfica won't care. They are looking pretty comfortable with how the game is being played right now.
85 minSAVE! Just like that, Benfica nearly finish off the game as Cavaleiro has the pace to get away from Marquinhos after a ball down the right. He blasts a shot towards the near post, but Sirigu can make the stop. Corner.
87 minYELLOW CARD Silvio fouls Rabiot, and allows his teammates to recover as PSG looked to be breaking downfield.
88 minSCORE UPDATE: Anderlecht are now down to nine men, and still trail Olympiacos 2-1.
88 minPastore has a header from the edge of the six-yard box, but it's caught by a diving Artur. He was offside anyway though.
89 minBENFICA CHANGE Andre Gomes comes on for the final few minutes in place of Perez.
90+3 minFULL TIME: Benfica 2-1 Paris Saint-Germain
9.38pmThey may have won it here, but Benfica are heading for the Europa League due to Olympiacos' win over Anderlecht. PSG had already qualified as Group C winners, now the Greeks will join them in the next round.
9.41pmCavani had put PSG ahead, but goals from Lima and Gaitan won it for Benfica.
9.41pmThat's it from me for this match, but I'll be back with my analysis shortly.