The 1994–95 NCAA Division I men's basketball season began in November 1994 and concluded with the 64-team 1995 NCAA Division I men's basketball tournament, whose finals were held at the Kingdome in Seattle, Washington.

The UCLA Bruins earned their eleventh national championship by defeating the Arkansas Razorbacks 89–78 on April 3, 1995.

They were coached by Jim Harrick, and the NCAA Division I basketball tournament Most Outstanding Player was UCLA's Ed O'Bannon.

In the 32-team 1995 National Invitation Tournament, the Virginia Tech Hokies defeated the Marquette Warriors at Madison Square Garden in New York City.

Following the season, the 1995 NCAA Men's Basketball All-American Consensus First Team included Ed O'Bannon, Shawn Respert, Joe Smith, Jerry Stackhouse, and Damon Stoudamire.