The move ensures some European television coverage will still be available for free to British TV viewers after newcomer BT Sport secured all the 350 live match rights for Champions League and Europa for nearly £900 million last week.
The ITV highlights deal guarantees coverage of the two competitions on free-to-air television for three years starting from the 2015/2016 season.
Each week during the competitions, ITV will show highlights programmes covering all of the week's Champions League games on Wednesday nights and on Thursday nights for the Europa League.
ITV will also show highlights of both finals and the UEFA Super Cup, as part of the deal. Highlights from both competitions will be made available on itv.com and on mobile.
Niall Sloane, director of sport at ITV, said: "We are happy to have secured these highlights packages and to be able to bring them to a significant free-to-air viewership.
"ITV continues to show live coverage and highlights of Champions League and Europa League matches until 2015. It is the exclusive broadcaster of all England's international World Cup and European Championship qualifying matches and friendlies until 2018. lTV also shows the FA Cup until the end of the 2013/2014 season."