The 1954 Oklahoma A&M Cowboys football team represented Oklahoma Agricultural and Mechanical College (later renamed Oklahoma State University–Stillwater) in the Missouri Valley Conference during the 1954 college football season. In their fifth and final season under head coach Jennings B. Whitworth, the Cowboys compiled a 5–4–1 record (2–2 against conference opponents), finished in third place in the conference, and outscored opponents by a combined total of 161 to 119. Two Oklahoma A&M players received first-team All-Missouri Valley Conference honors: end Bob LaRue and tackle Dale Meinert.