1994–95 FR Yugoslavia Cup

The 1994–95 FR Yugoslavia Cup was the third season of the FR Yugoslavia's annual football cup. The cup defenders was FK Partizan, but was defeated by Red Star Belgrade in the quarter-finals. Red Star Belgrade has the winner of the competition, after they defeated FK Obilić.

First round
Note: Roman numerals in brackets denote the league tier the clubs participated in the 1994–95 season.
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Second round
Note: Roman numerals in brackets denote the league tier the clubs participated in the 1994–95 season.
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Quarter-finals

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Semi-finals

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Second leg
Red Star won 4–0 on aggregate.