Rangers played a total of 42 competitive matches during the 1994–95 season.

The club won the Premier Division with a commanding sixteen point lead over nearest challengers Motherwell.

The European campaign was over as soon as it began, the club was knocked out the UEFA Champions League in the first round by AEK Athens, losing 3–0 on aggregate.

Rangers made three expensive signings at the start of the season in shape of defenders Basile Boli and Alan McLaren, as well as forward Brian Laudrup.

On his way out of the club was striker Duncan Ferguson after 18 months, when in December 1994 he signed for Everton in a £4.3 million deal after two months on loan in Merseyside, handing the Ibrox club a small profit on the then UK transfer record fee they originally paid for him.