The 1964–65 Yugoslav Second League season was the 19th season of the Second Federal League (Serbo-Croatian: Druga savezna liga), the second level association football competition of SFR Yugoslavia, since its establishment in 1946.
A total of sixteen teams contested the league, including thirteen sides from the 1963–64 season and three sides promoted from the third tier leagues played in the 1963–64 season.
There were no teams relegated from the 1963–64 Yugoslav First League as the 14th placed Vardar was allowed to remain in the top level.
The three clubs promoted to the second level were Kladivar, Rudar Kakanj and RNK Split.
The three clubs promoted to the second level were Bregalnica Štip, Mladost and Voždovački.