The knockout stage of the 1994–95 UEFA Champions League began on 1 March 1995 and ended with the final at the Ernst-Happel-Stadion in Vienna on 24 May 1995. The top two teams from each of the four groups in the group stage competed in the knockout stage. For the quarter-finals, each group winner was randomly drawn against the runner-up from another group, with the group winner hosting the second leg. The four quarter-final winners were then drawn together for the semi-finals, the winners of which contested the final.
Qualified teams
The knockout stage involved the eight teams which qualified as winners and runners-up of all four groups in the group stage.
| Group | Winners (seeded in quarter-final draw) | Runners-up (unseeded in quarter-final draw) |
|---|---|---|
| A |  IFK Göteborg |  Barcelona |
| B |  Paris Saint-Germain |  Bayern Munich |
| C |  Benfica |  Hajduk Split |
| D |  Ajax |  Milan |
Format
Each quarter-final and semi-final was played over two legs, with each team playing one leg at home; the team that scored the most goals over the two legs qualified for the following round. In the event that the two teams scored the same number of goals over the two legs, the team that scored more goals away from home qualified for the next round; if both teams scored the same number of away goals, matches would go to extra time and then penalties if the teams could not be separated after extra time.
Bracket
| Quarter-finals | Semi-finals | Final | |||||||||||||
| Bayern Munich (a) | 0 | 2 | 2 | ||||||||||||
| IFK Göteborg | 0 | 2 | 2 | ||||||||||||
| Bayern Munich | 0 | 2 | 2 | ||||||||||||
| Ajax | 0 | 5 | 5 | ||||||||||||
| Hajduk Split | 0 | 0 | 0 | ||||||||||||
| Ajax | 0 | 3 | 3 | ||||||||||||
| Ajax | 1 | ||||||||||||||
| Milan | 0 | ||||||||||||||
| Barcelona | 1 | 1 | 2 | ||||||||||||
| Paris-Saint Germain | 1 | 2 | 3 | ||||||||||||
| Paris Saint-Germain | 0 | 0 | 0 | ||||||||||||
| Milan | 1 | 2 | 3 | ||||||||||||
| Milan | 2 | 0 | 2 | ||||||||||||
| Benfica | 0 | 0 | 0 | ||||||||||||
Quarter-finals
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg |
|---|---|---|---|---|
| Bayern Munich | 2–2 (a) | IFK Göteborg | 0–0 | 2–2 |
| Hajduk Split | 0–3 | Ajax | 0–0 | 0–3 |
| Barcelona | 2–3 | Paris Saint-Germain | 1–1 | 1–2 |
| Milan | 2–0 | Benfica | 2–0 | 0–0 |
First leg
| Barcelona | 1–1 | Paris Saint-Germain |
|---|---|---|
Korneev  47' | Report | Weah 54' |
Second leg
| IFK Göteborg | 2–2 | Bayern Munich |
|---|---|---|
| Lilienberg 79' Martinsson 90' | Report | Zickler 64' Nerlinger 72' |
2–2 on aggregate. Bayern Munich won on away goals.
| Ajax | 3–0 | Hajduk Split |
|---|---|---|
| Kanu 34' F. de Boer 43', 67' | Report |
Ajax won 3–0 on aggregate.
Paris Saint-Germain won 3–2 on aggregate.
Milan won 2–0 on aggregate.
Semi-finals
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg |
|---|---|---|---|---|
| Bayern Munich | 2–5 | Ajax | 0–0 | 2–5 |
| Paris Saint-Germain | 0–3 | Milan | 0–1 | 0–2 |
First leg
| Paris Saint-Germain | 0–1 | Milan |
|---|---|---|
| Report | Boban 90+1' |
Second leg
| Ajax | 5–2 | Bayern Munich |
|---|---|---|
| Litmanen 12', 46' Finidi 41'R. de Boer 44'Overmars 88' | Report | Witeczek 36' Scholl 75' (pen.) |
Ajax won 5–2 on aggregate.
| Milan | 2–0 | Paris Saint-Germain |
|---|---|---|
| Savićević 21', 68' | Report |
Milan won 3–0 on aggregate.