Led by sixth-year head coach Jim Donnan, the Thundering Herd compiled an overall record of 12–3 with a mark of 7–1 in conference play, placing second in the SoCon.
Marshall advanced to the NCAA Division I-AA Championship playoffs for the fifth straight season, where they defeated Jackson State in the first round, Northern Iowa in the quarterfinals, and McNeese State in the semifinals, before losing to Montana in the NCAA Division I-AA Championship Game.
Marshall was quarterbacked by true freshman and future NFL starter Chad Pennington after starting sophomore quarterbacl Mark Zban re-injured his knee delivering a touchdown pass to future NFL starter Jermaine Wiggins.
Marshall advanced to the 1995 NCAA I-AA playoffs with an at large bid, but held home field advantage for the first two games, defeating Jackson State and Northern Iowa in Huntington before going on the road against McNeese State in the semifinal game.
This was the fourth consecutive I-AA National Championship game hosted by Marshall.