| Competition: | First League of FR Yugoslavia |
| Season: | 1994–95 |
| Winners: | Red Star 21st domestic title |
| Continentalcup1: | Champions League |
| Continentalcup1 Qualifiers: | Red Star |
| Continentalcup3: | Cup Winners' Cup |
| Continentalcup3 Qualifiers: | Obilić |
| Continentalcup4: | Intertoto Cup |
| Continentalcup4 Qualifiers: | Budućnost Podgorica Bečej |
| League Topscorer: | Savo Milošević (30) |
| Prevseason: | 1993–94 |
| Nextseason: | 1995–96 |
Statistics of First League of FR Yugoslavia (Serbian: Пpвa савезна лига, Prva savezna liga) for the 1994–95 season.
Just as the previous season, the league consisted of 2 groups, A and B, each containing 10 clubs. Both groups were played in league system. By winter break all clubs in each group had met each other twice, home and away, with the bottom four from A group moving to group B, and being replaced by the top four from the B group. At the end of the season the same situation happened with four teams being replaced from A and B groups, and in addition, the bottom three clubs from the B group were relegated into the Second League of FR Yugoslavia for the next season and replaced by the top three from that league.
At the end of the season Red Star Belgrade became champions.
FK Partizan striker Savo Milošević become the league's top-scorer for second consecutive time, this time with 30 goals.
The relegated clubs were FK Spartak Subotica, FK Sutjeska Nikšić, FK Rudar Pljevlja.
That was the first season when Yugoslav clubs again qualified to the UEFA competitions after three years of ban due to UN embargo.
| Club | City | Stadium | Capacity |
|---|---|---|---|
| Partizan | Belgrade | Partizan Stadium | 32,710 |
| Red Star | Belgrade | Red Star Stadium | 55,538 |
| Vojvodina | Novi Sad | Karađorđe Stadium | 17,204 |
| Zemun | Zemun, Belgrade | Zemun Stadium | 10,000 |
| Rad | Belgrade | Stadion Kralj Petar I | 6,000 |
| Napredak Kruševac | Kruševac | Mladost Stadium | 10,000 |
| Radnički Niš | Niš | Čair Stadium | 18,000 |
| Hajduk Kula | Kula | Stadion Hajduk | 6,000 |
| Proleter | Zrenjanin | Stadion Karađorđev park | 13,500 |
| Budućnost Podgorica | Podgorica | Podgorica City Stadium | 12,000 |
| OFK Beograd | Karaburma, Belgrade | Omladinski Stadium | 20,000 |
| Bečej | Bečej | Stadion kraj Tise | 3,000 |
| Borac | Čačak | Čačak Stadium | 6,000 |
| Radnički Beograd | Novi Beograd | Stadion FK Radnički | 5,000 |
| Obilić | Belgrade | FK Obilić Stadium | 4,500 |
| Sutjeska | Nikšić | Gradski stadion (Nikšić) | 10,800 |
| Spartak | Subotica | Subotica City Stadium | 13,000 |
| Loznica | Loznica | Stadion Lagator | 4,000 |
| Sloboda | Užice | Užice City Stadium | 12,000 |
| Rudar Pljevlja | Pljevlja | Stadion pod Golubinjom | 10,000 |
Vojvodina was qualified to the 1995–96 UEFA Cup but they are not admitted, along with Partizan, because the country coefficient of Yugoslavia has been recalculated due to the split up.[1] Budućnost Podgorica was qualified to the 1995 UEFA Intertoto Cup.
Champions: Red Star Belgrade (coach: Ljupko Petrović)
Players (league matches/league goals)