Watched by a crowd of 75,595, Bolton controlled the early exchanges in the match, but it was Liverpool who took the lead in the 37th minute when Steve McManaman scored.

[2] The second leg was held at Burnley's home ground Turf Moor, which Liverpool won 4–1 to progress to the third round courtesy of a 6–1 aggregate victory.

[4] Liverpool's opposition in the fourth round were fellow Premier League team Blackburn Rovers, at whose ground, Ewood Park, the match was held at.

A goal from Fowler in the 27th minute secured victory and a 2–0 aggregate win meant Liverpool progressed to the final.

[8] Bolton entered the competition in the second round, where they faced Premier League team Ipswich Town.

Bolton won the second leg 1–0 at their home ground, Burnden Park, to progress to the third round courtesy of a 4–0 aggregate victory.

[9] Bolton were drawn against Premier League team West Ham United in the fourth round.

Bolton recovered in the second leg to win 3–1, which meant they progressed to the final courtesy of a 4–3 aggregate victory.

Striker Rush had picked up a hamstring injury while playing for the Welsh national team against Bulgaria, but was expected to be fit.

Midfielder Alan Thompson received the ball from a Jimmy Phillips thrown in, but his volleyed shot 25 yards (23 m) from goal was pushed onto the crossbar by James.

His subsequent shot was not powerful, but Bolton goalkeeper Keith Branagan could not stop the ball from going into the goal, giving Liverpool a 1–0 lead.

Bolton were awarded a free-kick, following a foul on Thompson, by Liverpool defender Rob Jones, who was shown a yellow card.

A pass by McAteer found Thompson on the right side of the pitch, but his shot went across the face of the Liverpool goal.

A pass by striker Ian Rush in the 52nd minute found Bjørnebye, whose subsequent shot hit the post.

From the left side of the pitch, McManaman went past Green, then McAteer, before he got in front of Seagraves and scored with a shot into the Bolton goal.

Liverpool manager Roy Evans praised the performance of McManaman stating: "The two goals were fantastic.

Evans was also delighted to have won his first trophy as Liverpool manager: "We believed that we've always had a decent squad with players of outstanding ability.

"[15] Despite his team's defeat, Bolton manager Bruce Rioch praised the performance of Liverpool: "I'm delighted for Roy, if you're going to lose in a cup final then the winner couldn't have gone to a better club."

[17] They would finish the 1994–95 season in fourth place in the Premier League, 15 points behind eventual winners Blackburn Rovers.