The 1994–95 FIBA European League, also shortened to 1994–95 FIBA EuroLeague, was the 38th installment of the European top-tier level professional club competition for basketball clubs (now called EuroLeague).

It began on September 8, 1994, and ended on April 13, 1995.

The labels in the parentheses show how each team qualified for the place of its starting round: *Levski Sofia withdrew before the first leg and Pezoporikos Larnaca received a forfeit (20-0) in both games.

If one or more clubs are level on won-lost record, tiebreakers are applied in the following order: The seed teams played games 2 and 3 at home.

April 11, Pabellón Príncipe Felipe, Zaragoza April 13, Pabellón Príncipe Felipe, Zaragoza April 13, Pabellón Príncipe Felipe, Zaragoza