The 1994–95 NCAA Division I men's basketball season concluded in the 64-team 1995 NCAA Men's Division I Basketball Tournament whose finals were held at the Kingdome in Seattle, Washington. The UCLA Bruins earned their eleventh national championship by defeating the Arkansas Razorbacks 89–78 on April 3, 1995. They were coached by Jim Harrick and the NCAA Basketball Tournament Most Outstanding Player was UCLA's Ed O'Bannon.

In the 32-team 1995 National Invitation Tournament, the Virginia Tech Hokies defeated the Marquette Warriors at Madison Square Garden in New York City.

Following the season, the 1995 NCAA Men's Basketball All-American Consensus First team included Ed O'Bannon, Shawn Respert, Joe Smith, Jerry Stackhouse, and Damon Stoudamire.

The top 25 from the pre-season AP Poll.

These schools joined new conferences for the 1994–95 season.

30 conference seasons concluded with a single-elimination tournament, with only the Big Ten Conference, Ivy League and the Pac-10 Conference choosing not to conduct conference tournaments. Conference tournament winners, with the exception of the American West Conference received an automatic bid to the NCAA Tournament.

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