Their head coach was Bobby Knight, who was in his 23rd year.

The team played its home games in Assembly Hall in Bloomington, Indiana, and was a member of the Big Ten Conference.

The Hoosiers finished the regular season with an overall record of 21–9 and a conference record of 12–6, finishing 3rd in the Big Ten Conference.

The Hoosiers were invited to participate in the 1994 NCAA tournament, where IU advanced to the Sweet Sixteen for the fourth year in a row.

For his next six years with the Hoosiers, they advanced no farther than the second round of the tournament, and as a result of that and a continuing series of controversies involving him personally, Knight was fired as Indiana's head coach.