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. Moldova joined the competition for the first time. It was the first season under a new name as the tournament used to be known as the European Cup Winners' Cup.
Location of teams competing in the 1994–95 UEFA Cup Winners' Cup first round. Yellow: Did not qualify from qualifying round; Red: Qualified for first round.
For the 1994–95 season, England had two representatives in the tournament, neither of which was the domestic cup winners. The first was Arsenal, who were the Cup Winners' Cup holders, and the second was Chelsea, who had lost the 1994 FA Cup final to double winners Manchester United. Both teams were eliminated from competition by eventual winners Zaragoza of Spain.