1994–95 Ukrainian First League was the fourth season of the Ukrainian First League which was won by Zirka-NIBAS Kirovohrad. The season started on August 6, 1994, and finished on July 2, 1995. In the last round the Kyiv club was only a point away and was visiting Oleksandriya, while the leading Zirka was hosting the former Premier League participant Bukovyna. The Kirovohrad club has managed to prevail with goals from Borysenko and Oliynyk becoming the season champions.

Promotion and relegation

Promoted teams

Four clubs promoted from the 1993–94 Ukrainian Second League.

Relegated teams

Two clubs were relegated from the 1993-94 Ukrainian Top League:

Renamed teams

Teams

In 1994-95 season, the Ukrainian First League consists of the following teams:

Final table

Top scorers

Statistics are taken from here.