The 1994–95 season of the UEFA Cup Winners' Cup was won by Real Zaragoza in the final against defending champions Arsenal, the Spanish club winning thanks to a last-minute goal from midfielder Nayim with a shot from 40 yards. Moldova joined the competition for the first time. It was the first season under a new name as the tournament used to be known as the European Cup Winners' Cup.

The UEFA Cup Winners' Cup was a European football club competition contested annually by the winners of domestic cup competitions. The cup was, chronologically, the second seasonal inter-European club competition organised by UEFA. The tournament ran for 39 seasons, with the final edition held in 1998–99, after which it was discontinued.