1954 Országos Bajnokság I (men's water polo) was the 48th water polo championship in Hungary. There were twelve teams who played one-round match for the title.
| Team | M | W | D | L | G+ | G− | P | |
|---|---|---|---|---|---|---|---|---|
| 1. | Szolnoki Dózsa | 11 | 9 | 2 | 0 | 41 | 20 | 20 |
| 2. | Bp. Dózsa (Újpest) | 11 | 9 | 1 | 1 | 71 | 26 | 19 |
| 3. | Bp. Honvéd | 11 | 9 | 1 | 1 | 44 | 22 | 19 |
| 4. | Bp. Vasas | 11 | 8 | 0 | 3 | 57 | 26 | 16 |
| 5. | Bp. Vörös Lobogó (MTK) | 11 | 6 | 2 | 3 | 36 | 28 | 14 |
| 6. | Bp. Lokomotív (BVSC) | 11 | 5 | 2 | 4 | 40 | 32 | 12 |
| 7. | Bp. Kinizsi (Ferencváros) | 11 | 5 | 1 | 5 | 32 | 32 | 11 |
| 8. | Vasas Gheorghiu Dej Hajógyár | 11 | 3 | 1 | 7 | 30 | 47 | 7 |
| 9. | Egri Fáklya | 11 | 3 | 1 | 7 | 29 | 58 | 7 |
| 10. | Fáklya Opera | 11 | 1 | 1 | 9 | 29 | 60 | 3 |
| 11. | Vasas Izzó | 11 | 0 | 2 | 9 | 19 | 55 | 2 |
| 12. | Szegedi Dózsa | 11 | 1 | 0 | 10 | 20 | 63 | 2 |
* M: Matches W: Win D: Drawn L: Lost G+: Goals earned G−: Goals got P: Point