In its seventh year under head coach Bennie Oosterbaan, Michigan compiled a 6–3 record (5–2 against conference opponents), tied for second place in the Big Ten, outscored opponents by a combined total of 139 to 87, and was ranked No.

[1][2] Left guard Ted Cachey was the team captain, and fullback Fred Baer received the team's most valuable player award,[2] Two Michigan players received All-American honors: left end Ron Kramer was selected as a first-team All-American by the Central Press Association,[3] and left tackle Art Walker received first-team honors from the All-America Board and the Football Writers Association of America.

Michigan's individual statistical leaders for the 1954 season include those listed below.

[6][7] The following 33 players received varsity letters for their participation on the 1954 team.

[2] Michigan's 1954 coaching, training, and support staff included the following persons.