Sweden was represented at the Eurovision Song Contest 1974 with the song "Waterloo", composed by Benny Andersson and Björn Ulvaeus, with lyrics by Stig Anderson, and performed by the group ABBA –comprising Andersson, Ulvaeus, Anni-Frid Lyngstad, and Agnetha Fältskog–.

The Swedish participating broadcaster, Sveriges Radio (SR), selected its entry for the contest through Melodifestivalen 1974.

The song, that was originally performed in Swedish in the national final, was translated into English for Eurovision, something the rules allowed between the years 1973 and 1976.

ABBA was one of the favourites to win the 1974 contest, held in Brighton, United Kingdom.

"Waterloo" was one of fourteen Eurovision songs chosen by fans to compete in the Congratulations 50th anniversary special in 2005.