The knockout stage of the 1994–95 UEFA Champions League began on 1 March 1995 and ended with the final at the Ernst-Happel-Stadion in Vienna, Austria, on 24 May 1995.
The knockout stage involved the eight teams which qualified as winners and runners-up of all four groups in the group stage.
In the event that the two teams scored the same number of goals over the two legs, the team that scored more goals away from home qualified for the next round; if both teams scored the same number of away goals, matches would go to extra time and then penalties if the teams could not be separated after extra time.
2–2 on aggregate; Bayern Munich won on away goals.
The final was played on 24 May 1995 at the Ernst Happel Stadion in Vienna, Austria.