Cliftonville were the defending champions, after they retained the trophy by defeating Crusaders 3–2 on penalties following a 0–0 draw after extra time in the 2014 final to win the cup for the second consecutive season.
The number of competing clubs in the League Cup fell by one to 41 this season following Chimney Corner's resignation from the Championship.
In July 2014, the club announced that they would be resigning to join the Ballymena & Provincial League for the 2014–15 season.
The seven clubs to receive byes were: Ballymoney United, Dollingstown, Donegal Celtic, Harland & Wolff Welders, Larne, Lisburn Distillery and Wakehurst.
Bangor was the lowest ranked club to reach the quarter-finals, as the only representative from outside the top flight.
Once again, Bangor was the lowest ranked club to reach this stage, as the only representative from outside the top flight.
Cliftonville completed a successful defence of the cup once again, lifting it for the third consecutive season and the fourth time overall.