The 1994–95 Football League season was Birmingham City Football Club's 92nd in the Football League and their fourth in the third tier of English football, Division Two, to which they were relegated in 1993–94. They finished in first position in the 24-team division, so were promoted straight back to Division One for 1995–96. They entered the 1994–95 FA Cup in the first round, losing in the third round to Premier League club Liverpool in a penalty shootout in which they failed to convert a single penalty. They entered the League Cup in the first round and lost to Blackburn Rovers in the second. They won the Football League Trophy for the second time in four attempts, defeating Carlisle United at Wembley in front of a crowd of 76,663 with the first golden goal to determine a major English co