During the 1994–95 season, Red Star Belgrade participated in the 1994–95 First League of FR Yugoslavia[1] and 1994–95 FR Yugoslavia Cup.
[2] Red Star won their sixth double in this season.
On 12 November 1994, Red Star played a friendly match against Olympiacos.
Red Star were awarded a special trophy to commemorate their win in the 100th Eternal derby.