Ronnie O'Sullivan defeated Higgins 9–3 in the final to become the youngest ever Masters champion aged 19 years and 69 days.

Stephen Hendry meanwhile failed to make the final for the first time in his Masters career, losing to Peter Ebdon 4–5 in the quarter-finals.

[9] Scottish player and World Champion Stephen Hendry was installed as the favourite to win the tournament.

Tony Drago, John Higgins, Joe Swail and Mark Williams were making their debuts in the Masters.

In the preliminary round the wild-card players played the 15th and 16th seeds:[8][9][11][12] [8][9][11][12] Mark Williams won the qualifying tournament, known as the 1994 Benson & Hedges Championship at the time.