There were a number of 15 teams entered into the knock out level of the Ranji Trophy, 1994-95, once the zonal level league matches were finished. The teams were mainly included the top three teams from each and every zone of the tournament. The teams that competed with each other in the knock out matches of the Ranji Trophy, 1994-95 included the likes of Delhi, Bengal, Punjab, Karnataka, Saurashtra, Bihar, Tamil Nadu, Haryana, Uttar Pradesh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Assam and Bombay. The teams played against each other in the Pre-Quarter-Finals, Quarter-Finals, Semi-Finals and Final match of the tournament. However, it was the Bombay team that eventually won the championship title, once again.

The Haryana and Tamil Nadu teams played against each other in the first Pre-Quarter-Final match of the Ranji Trophy, 1994-95 and the match was held at Madras from 12-16 February, 1995. The Tamil Nadu team played very well in the match for clinching a huge victory of 10 wickets and it also entered into the Quarter-Final stage of the tournament. The teams of Uttar Pradesh and Kerala were involved in the second Pre-Quarter-Final match of the Ranji Trophy, 1994-95. The match took place at Lucknow from 12-16 February, 1995 and the drawn match saw the Uttar Pradesh team winning on the basis of first innings lead. The Uttar Pradesh team also got the permission to play in the Quarter-Finals of the tournament. The third Pre-Quarter-Final match of the Ranji Trophy, 1994-95 was played between the teams of Bihar and Saurashtra and the two teams played the match at Rajkot from 12-16 February, 1995. The Bihar team advance to the Quarter-Finals of the tournament, by winning this match with a very good margin of 7 wickets. The Maharashtra team played against the Madhya Pradesh team in the fourth Pre-Quarter-Final match of the Ranji Trophy, 1994-95 and the match took place at Indore from 13-17 February, 1995. The Madhya Pradesh team won the match by a good margin of 287 runs to get into the Quarter-Final stage of the tournament.

The fifth Pre-Quarter-Final match of the Ranji Trophy, 1994-95 saw the teams of Assam and Rajasthan playing against each other at Udaipur from 12-16 February, 1995. Dominating over the Assam team throughout the match, the Rajasthan team clinched a huge victory of 482 runs for getting into the Quarter-Final stage of the tournament. The teams of Punjab and Karnataka met with each other in the sixth Pre-Quarter-Final match of the Ranji Trophy, 1994-95 and the match was held at Mohali from 12-16 February, 1995. Though, the math remained drawn during the stipulated duration, the match officials declared the Punjab team as the winner for having a lead in the first innings. The officials also allowed the Punjab team to play in the Quarter-Finals of the tournament. The last and seventh Pre-Quarter-Final match of the Ranji Trophy, 1994-95 involved the teams like Delhi and Bengal and the two teams played the match at Delhi from 12-16 February, 1995. The drawn match saw the Delhi team winning on the basis of its lead in the first innings and also advancing to the Quarter-Final stage of the tournament.

The first Quarter-Final match of the Ranji Trophy, 1994-95 was played between the teams of Bombay and Tamil Nadu and the two teams played the match at Bombay from 26 February-02 March, 1995. The Bombay team played well to win the match by a good margin of an innings and 22 runs and also to get into the Semi-Finals of the tournament. The teams of Bihar and Delhi played against each other in the second Quarter-Final match of the Ranji Trophy, 1994-95 and the match was held at Jamshedpur from 26 February-02 March, 1995. The match remained drawn during the stipulated period of time and the match officials allowed the Delhi team to advance to the next stage, as it had a lead in the first innings. The Uttar Pradesh and Rajasthan teams played against each other in the third Quarter-Final match of the Ranji Trophy, 1994-95. The match took place at Kanpur from 26 February-02 March, 1995 and the Uttar Pradesh team advanced to the Semi-Finals by winning this match on the basis of its first innings lead. The last and fourth Quarter-Final match of the Ranji Trophy, 1994-95 saw the teams of Punjab and Madhya Pradesh playing against each other at Mohali from 26 February-02 March, 1995. The Punjab team won the match on its first innings lead in the drawn match and it also got into the Semi-Final stage of the tournament.

The match between the teams of Bombay and Uttar Pradesh was the first Semi-Final match of the Ranji Trophy, 1994-95 and the match was organised at Bombay from 12-16 March, 1995. The Bombay team stormed into the Final of the tournament, by winning this match with a huge margin of an innings and 233 runs. The second Semi-Final match of the Ranji Trophy, 1994-95 was played between the teams of Delhi and Punjab and the two teams played the match at Delhi from 12-16 March, 1995. Though the match remained drawn during the stipulated duration, the match officials allowed the Punjab team to play against the Bombay team in the Final. Thus, the Bombay and Punjab teams locked their horns together in the Final match of the Ranji Trophy, 1994-95 and the match took place at Bombay from 27-31 March, 1995. The match remained drawn during the specified period of time and the Bombay team was declared as the winner of the match and also the championship title, as it was having a lead in the first innings.