The 1994–95 NBA season was the seventh season for the Miami Heat in the National Basketball Association (NBA). During the offseason, the Heat signed free agent Kevin Gamble. Before the season started, Heat management decided to start pulling the plug on their core that dated back to the franchises first season in 1988–89. It started by trading Rony Seikaly to the Golden State Warriors for Billy Owens. Miami then proceeded to trade Steve Smith and Grant Long to the Atlanta Hawks for Kevin Willis after the first two games. After a 17–29 record in the first half of the season, head coach Kevin Loughery was fired and replaced with assistant Alvin Gentry, as the Heat finished fourth in the Atlantic Division with a 32–50 record.

This was also Glen Rice's final year with the Heat, as he was traded along with Matt Geiger, and rookie Khalid Reeves to the Charlotte Hornets the following season. Meanwhile, John Salley left in the 1995 NBA Expansion Draft, Harold Miner was traded to the Cleveland Cavaliers, and Gentry was fired as coach.

On April 15, 1995, Rice scored 56 points against the Orlando Magic, establishing a new franchise record that would stand until LeBron James's 61 points on March 3, 2014. During the 1995 NBA All-Star Weekend in Phoenix, Rice won the Three-Point Shootout, and Miner won the Slam Dunk Contest for the second time.

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