The 1994–95 Scottish League Cup was the 49th staging of the Scotland's second most prestigious football knockout competition, also known for sponsorship reasons as the Coca-Cola Cup.

The competition was won by Raith Rovers, who defeated Celtic in a penalty shootout after a 2–2 draw in the Final at Ibrox Stadium. The Final was played at Ibrox because Celtic were using Hampden Park as their home ground during that season while Celtic Park was being rebuilt.

First round

Home teamScoreAway team
Arbroath(p)1 – 1Alloa Athletic
Queen of the South2–0Albion Rovers
Ross County3–2Queen's Park
Stranraer(p)2 – 2Cowdenbeath
Berwick Rangers0 – 0(p)Montrose
East Fife1–0Forfar Athletic
East Stirlingshire0–2Inverness Caledonian Thistle
Stenhousemuir0–4Meadowbank Thistle

Second round

Home teamScoreAway team
Aberdeen1–0Stranraer
Arbroath1–6Rangers
Ayr United0–3Celtic
Dundee3–0Inverness Caledonian Thistle
Dunfermline Athletic4–1Meadowbank Thistle
Hamilton Accies5–0Clyde
Kilmarnock4–1East Fife
Queen of the South0–3Hibernian
Ross County0–5Raith Rovers
Stirling Albion0–2St Johnstone
Ayr United0–1Celtic
Dumbarton0–4Heart of Midlothian
Falkirk(p)1 – 1Montrose
Morton1 – 1(p)Airdrieonians
Motherwell3–1Clydebank
Partick Thistle5–0Brechin City
St Mirren0–1Dundee United

Third round

Home teamScoreAway team
Dundee1–2Celtic
Hamilton Accies2 – 2(p)Dundee United
Heart of Midlothian2–4St Johnstone
Motherwell1–2Airdrieonians
Raith Rovers3–2Kilmarnock
Rangers1–2Falkirk
Hibernian2–0Dunfermline Athletic
Partick Thistle0–5Aberdeen

Quarter-finals

20 September 1994
St Johnstone1–3Raith Rovers
McDiarmid Park, Perth
Attendance: 6,287

21 September 1994
Hibernian1–2Airdrieonians
Easter Road, Edinburgh
Attendance: 9,578

21 September 1994
Falkirk1–4Aberdeen
Brockville Park, Falkirk
Attendance: 9,450

21 September 1994
Celtic1–0Dundee United
Hampden Park, Glasgow
Attendance: 28,859

Semi-finals

25 October 1994
Raith Rovers1 – 1 (a.e.t.)
(5 – 4 pen.)
Airdrieonians
McDiarmid Park, Perth
Attendance: 7,260

26 October 1994
Celtic1–0Aberdeen
Ibrox Stadium, Glasgow
Attendance: 44,000

Final

27 November 1994
Raith Rovers2 – 2 (a.e.t.)
(6 – 5 pen.)
Celtic
Crawford Goal 19'
Dalziel Goal 86'
Walker Goal 32'
Nicholas Goal 84'
Ibrox Stadium, Glasgow
Attendance: 45,384