It began on 8 May 1954 with the first preliminary round and concluded on 27 June 1954 with the final at GSP Stadium.
Çetinkaya Türk won their 2nd Cypriot Cup trophy after beating Pezoporikos 2–1 in the final.
In all rounds each tie was played as a single leg and was held at the home ground of one of the two teams, according to the draw results.
If extra time was drawn, there was a replay match.
1Nea Salamis were the first second division club to reach the semifinals.