Their head coach was Bobby Knight, who was in his 24th 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 19–12 and a conference record of 11–7, finishing 3rd in the Big Ten Conference.

The Hoosiers were invited to participate in the 1995 NCAA tournament.

However, IU made a quick exit with a loss in the first round to Missouri.