NGC 7354 is a planetary nebula located in the northern circumpolar constellation of Cepheus, at a distance of approximately 5.5 kly from the Sun.

John L. E. Dreyer described it as, "a planetary nebula, bright, small, round, pretty gradually a very little brighter middle".

[6] The rim of the inner shell is ellipsoidal with an aspect ratio of 1.6 and a major axis spanning 30″.

[6] The morphological features of the nebula may be explained by an interacting binary star system with one of the pair passing through the asymptotic giant branch phase.

The jets may be generated by an accretion disk surrounding the resulting white dwarf star.