| Competition: | Peruvian Segunda División |
| Season: | 1954 |
| Winners: | Unión Callao |
| Relegated: | Unión Carbone |
| Prevseason: | 1953 |
| Nextseason: | 1955 |
The 1954 Peruvian Segunda División, the second division of Peruvian football (soccer), was played by 10 teams. The tournament winner, Unión Callao was promoted to the 1955 Peruvian Primera División.
| Team | City |
|---|---|
| Chorrillos, Lima | |
| Cercado de Lima, Lima | |
| Cercado de Lima, Lima | |
| Callao | |
| Juventud Gloria | Cercado de Lima, Lima |
| Callao | |
| Miraflores, Lima | |
| Barranco, Lima | |
| Callao | |
| Unión Carbone | Cercado de Lima, Lima |