The 1994–95 Murray State Racers men's basketball team represented Murray State University during the 1994–95 NCAA Division I men's basketball season.
The Racers, led by fourth-year head coach Scott Edgar, played their home games at Racer Arena in Murray, Kentucky as members of the Ohio Valley Conference.
They defeated Eastern Kentucky to win the OVC tournament to advance to the NCAA tournament.
15 seed in the Southeast region, the Racers were beaten by No.
2 seed and eventual Final Four participant North Carolina, 80–70.