The 1994–95 season of the UEFA Cup Winners' Cup was won by Zaragoza in the final against defending champions Arsenal, the Spanish club winning thanks to a last-minute goal from midfielder Nayim with a shot from 40 yards.

Pirin Blagoevgrad won 4–0 on aggregate.

Tatran Prešov won 5–0 on aggregate.

Sligo Rovers won 3–2 on aggregate.

Maccabi Tel Aviv won 6–2 on aggregate.

Viktoria Žižkov won 4–3 on aggregate.

For the 1994–95 season, England had two representatives in the tournament, neither of which was the domestic cup winners.

Both teams were eliminated from competition by eventual winners Zaragoza of Spain.

Werder Bremen won 2–0 on aggregate.

Austria Wien won 4–1 on aggregate.