The 2014–15 season was Oxford United's fifth season in League Two after returning from the Conference, and their first under new manager Michael Appleton. They finished 13th in the table, following an 8th-place finish in League Two in 2013–14. It was the club's 121st year in existence, their 115th of competitive football and their 66th since turning professional. This article covers the period from 1 July 2014 to 30 June 2015.

In July 2014, private equity broker Darryl Eales took over the club from previous owner Ian Lenagan and installed Mark Ashton as Chief Executive and former Portsmouth, Blackpool and Blackburn Rovers manager Michael Appleton as head coach. The new management team had little time to assemble a side, with Danny Hylton (signed by outgoing manager Gary Waddock to replace long-serving forward James Constable) the only new player among the first-team squad at the time of the takeover. The season opened badly: a series of four narrow defeats left United pointless and at the foot of the League Two table and fearing a second relegation to non-League football. Matters gradually improved, but the team never reached the top half of the table and calls were heard during the season for Appleton's dismissal. An unbeaten run of eight games (including five wins) at the end of the season eased relegation fears and led to a 13th-place finish, the club's highest position during the season. This late upturn, alongside the solid strike record of leading scorer Hylton and the performances of loanees Tyrone Barnett and Kemar Roofe (the latter to sign permanently after the season ended), gave cause for optimism for the following season, and dampened criticism of what was ultimately an underwhelming season.

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