| Competition: | Segunda División |
| Season: | 1954 |
| Winners: | O'Higgins Braden |
| Promoted: | O'Higgins Braden América de Rancagua |
| Relegated: | Thomas Bata La Cruz Football Club |
| League Topscorer: | Jorge Peñaloza (O'Higgins Braden; 23 goals) |
| Prevseason: | 1953 |
| Nextseason: | 1955 |
The 1954 Segunda División de Chile was the third season of the Segunda División de Chile.
O'Higgins Braden was the tournament's winner.[1]