On 18 October 1918, U-34 sailed for the last time, disappearing with all 38 crew members lost.

Although it was claimed that she was depth charged and sunk near Gibraltar by HMS Privet on 9 November 1918, it is believed that the U-boat had been lost prior to that, but it has never been confirmed one way or the other.

[5] U-34 was fitted with two Germania 6-cylinder two-stroke diesel engines with a total of 1,850 metric horsepower (1,361 kW; 1,825 bhp) for use on the surface and two Siemens-Schuckert double-acting electric motors with a total of 1,200 PS (883 kW; 1,184 shp) for underwater use.

These engines powered two shafts each with a 1.60 m (5 ft 3 in) propeller, which gave the boat a top surface speed of 16.4 knots (30.4 km/h; 18.9 mph), and 9.7 knots (18.0 km/h; 11.2 mph) when submerged.

Cruising range was 8,790 nautical miles (16,280 km; 10,120 mi) at 8 knots (15 km/h; 9.2 mph) on the surface, and 80 nmi (150 km; 92 mi) at 5 knots (9.3 km/h; 5.8 mph) under water.