Manager Graham Taylor spent close to £5 million during the season in an attempt to return the club to the top flight.
Despite suffering extensive injuries to many players, the team finished the season in fourth place – their highest position in the football pyramid since 1983–84 – and so qualified for the play-offs.
In the play-off semi-finals they were defeated by the eventual promoted side Bolton Wanderers 2–3 on aggregate.
Wolves' pre season saw them travel to Denmark and Sweden for several weeks of training and friendly matches.
The provisional fixture list was released on 23 June 1994, but was subject to change in the event of matches being selected for television coverage or police concerns.