1994–95 UEFA Champions League knockout stage

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. The four quarter-final winners were then drawn together for the semi-finals, the winners of which contested the final.

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
Bayern Munich 0–0 IFK Göteborg
Report
Olympiastadion, Munich
Attendance: 46,000
Hajduk Split 0–0 Ajax
Report
Poljud, Split
Attendance: 35,000
Barcelona 1–1 Paris Saint-Germain
Korneev  48' Report Weah  54'
Attendance: 115,000
Referee: Vaclav Krondl (Czech Republic)
Milan 2–0 Benfica
Simone  63', 75' Report
Attendance: 48,858
Referee: Ahmet Çakar (Turkey)

Second leg
IFK Göteborg 2–2 Bayern Munich
Lilienberg  79'
Martinsson  90'		 Report Zickler  64'
Nerlinger  72'
Attendance: 36,525
Referee: Les Mottram (Scotland)

Bayern Munich 2–2 IFK Göteborg on aggregate. Bayern Munich won on away goals.

Ajax 3–0 Hajduk Split
Kanu  39'
F. de Boer  43', 67'		 Report
Attendance: 42,000

Ajax won 3–0 on aggregate.

Paris Saint-Germain 2–1 Barcelona
Raí  72'
Guérin  83'		 Report Bakero  49'
Attendance: 45,604

Paris Saint-Germain won 3–2 on aggregate.

Benfica 0–0 Milan
Report
Attendance: 52,500

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
Bayern Munich 0–0 Ajax
Report
Olympiastadion, Munich
Attendance: 60,000
Referee: Ahmet Çakar (Turkey)
Paris Saint-Germain 0–1 Milan
Report Boban  90+1'
Attendance: 44,965

Second leg
Ajax 5–2 Bayern Munich
Litmanen  12', 46'
Finidi  41'
R. de Boer  44'
Overmars  88'		 Report Witeczek  36'
Scholl  75' (pen.)
Attendance: 40,000

Ajax won 5–2 on aggregate.

Milan 2–0 Paris Saint-Germain
Savićević  21', 68' Report
Attendance: 79,855

Milan won 3–0 on aggregate.

Final
Main article: 1995 UEFA Champions League Final
Ajax 1–0 Milan
Kluivert  85' Report
Ernst Happel Stadion, Vienna
Attendance: 49,730
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