Miss Universe 1974 was the 23rd Miss Universe pageant, held on 21 July 1974 at the Folk Arts Theater in the Pasay, Philippines. It was the first Miss Universe pageant to ever be held in the Philippines, and in extension, Asia. Margarita Moran of the Philippines crowned her successor Amparo Muñoz of Spain at the end of the event, marking the first and so far only time Spain has ever won a Miss Universe competition.

The Tanghalang Francisco Balagtas, formerly known as the Folk Arts Theater, was a theater located in the Cultural Center of the Philippines Complex in Malate, Manila. It is a covered proscenium amphitheater owned by the Cultural Center of the Philippines that was a popular venue for concerts during the 1980s and 1990s. The theater, named after Filipino poet Francisco Balagtas, has a seating capacity of 8,458 in 10 sections and features a broad fascia with a single column-to-column span of 80 meters (260 ft). It is the largest single-span structure in the country, with a 100-by-100-meter roof resting on eight monumental columns. In her book "Cultural Center of the Philippines: Crystal Years," Visitacion de la Torre described it as a sheltered plaza with a roof that "appears to float, creating the impression that the building is a dream on one's tender hands."