| Year: | 1954 |
| Team: | SMU Mustangs |
| Sport: | football |
| Conference: | Southwest Conference |
| Short Conf: | SWC |
| Coachrank: | 17 |
| Record: | 6–3–1 |
| Conf Record: | 4–1–1 |
| Head Coach: | Woody Woodard |
| Hc Year: | 2nd |
| Captain: | Duane Nutt, Raymond Berry |
The 1954 SMU Mustangs football team represented Southern Methodist University (SMU) as a member of the Southwest Conference (SWC) during the 1954 college football season. Led by second-year head coach Woody Woodard, the Mustangs compiled an overall record of 6–3–1 with a mark of 4–1–1 in conference play, placing second in the SWC. SMU played home games at the Cotton Bowl in Dallas. Duane Nutt and Raymond Berry were the team captains.