With the participation of a number of 20 teams, the Ranji Trophy, 1954-55 started with a great enthusiasm and interests among the cricket enthusiasts of India. The tournament saw an increase in the number of spectators coming to watch the matches, in comparison to the previous editions of the Ranji Trophy. The teams that took part in the tournament included the likes of Andhra, Assam, Baroda, Bengal, Bihar, Bombay, Delhi, East Punjab, Gujarat, Holkar, Hyderabad, Madras, Madhya Pradesh, Maharashtra, Mysore, Orissa, Saurashtra, Services, Travancore Cochin and the Uttar Pradesh. The tournament got a nice start with the match between the teams of Services and Delhi that was held at Delhi from 03-05 December 1954. The Services team got a good start in the tournament by winning this match by 8 wickets.

The Assam and Bihar teams met with each other at Jorhat from 11-13 December 1954 in the second match of the Ranji Trophy, 1954-55 and the match saw the Bihar team winning by 46 runs. The next match saw a clash between the teams of Eastern Punjab and Services at Jullundar from 17-19 December 1954 and the drawn match saw the Services team winning on the basis of a lead in the first innings. There were a number of four matches held during the same timeline from 18-20 December 1954 in the tournament and the first of the four matches was played between the teams of Travancore Cochin and Madras. They played the match at Ernakulam from 18-20 December and the Madras team won the drawn match for having a lead in the first innings. The next match during the period was played between the Gujarat and Baroda teams at Ahmedabad, where the Baroda team was declared the winner for leading in the first innings of the drawn match.

The third match was played during the same period from 18-20 December 1954, the teams of Orissa and Bengal at Cuttack. The match saw the Bengal team winning by a huge margin of an innings and 145 runs. The teams of Uttar Pradesh and Madhya Pradesh also played their match during the same period at Banares and the match officials declared it as a drawn match. The next match of the Ranji Trophy, 1954-55 saw a battle between the teams of Hyderabad and Andhra at Hyderabad from 02-04 January, 1955. The winner of the match was the Hyderabad team with a margin of an innings and 107 runs. The teams of Holkar and Madhya Pradesh played their match at Indore from 15-17 January, 1955, where the Holkar team got a big victory of an innings and 180 runs. Then the Bengal and Bihar teams clashed with each other at Calcutta from 16-18 January, 1955 and the drawn match saw the Bengal team winning on the basis of its lead in the first innings.

The next match of the Ranji Trophy, 1954-55 was played between the Hyderabad and Mysore at Hyderabad from 21-23 January, 1955. The match officials declared the Hyderabad team as the winner of the drawn match, as it was leading its opponents in the first innings. The teams of Baroda and Bombay then clashed with each other at Baroda from 22-24 January, 1955 and the officials declared the match, as a drawn one. It was a clash between the teams of Saurashtra and Maharashtra in the next match at Rajkot from 31 January-02 February, 1955. The match was won by the Maharashtra team on the basis of its lead in the first innings, when the match remained drawn during the stipulated duration. The teams of Hyderabad and Madras then played the next match of the tournament at Hyderabad from 04-06 February, 1955. The drawn match saw the Madras team winning on the basis of its lead in the first innings.

The Services and Bengal teams played the next match of the Ranji Trophy, 1954-55 at Delhi from 11-13 February, 1955 and the drawn match saw the Bengal team winning on the basis of first innings lead. The teams of Baroda and Maharashtra played the last match of the group level of the tournament at Baroda from 19-21 February, 1955 and the match was declared as a drawn one by the officials. The first Semi-Final match saw a clash between the teams of Holkar and Baroda at Indore from 05-08 March, 1955. Though the match could not produce any specific result, the officials allowed the Holkar team to play the Final match of the tournament. There was a battle between the teams of Madras and Bengal in the second Semi-Final that was held at Madras from 07-10 March, 1955. The Madras team played wonderfully in the match and defeated the Bengal team by 157 runs. The teams of Holkar and Madras locked their horns together in the Final of the Ranji Trophy, 1954-55 at Indore from 02-06 April, 1955. The Madras team continued its good form in the Final match also and became successful to beat the Holkar team by 46 runs, to win the trophy of the tournament.