The 1954 All-Southwest Conference football team consists of American football players chosen by various organizations for All-Southwest Conference teams for the 1954 college football season. The selectors for the 1954 season included the Associated Press (AP) and the United Press (UP). Players selected as first-team players by both the AP and UP are designated in bold.
AP = Associated Press
UP = United Press
Bold = Consensus first-team selection of both the AP and UP