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.Tooltip Aggregate score	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

1 March 1995

19:00

Bayern Munich	0–0	IFK Göteborg
	Report

Olympiastadion, Munich

Attendance: 46,000

Referee: Sergei Khusainov ( Russia)

1 March 1995

19:00

Hajduk Split	0–0	Ajax
	Report

Stadion Poljud, Split

Attendance: 34,250

Referee: Ryszard Wójcik ( Poland)

1 March 1995

21:00

Barcelona	1–1	Paris Saint-Germain
Korneev 47'	Report	Weah 54'

Camp Nou, Barcelona

Attendance: 115,500

Referee: Václav Krondl ( Czech Republic)

1 March 1995

21:00

Milan	2–0	Benfica
Simone 63', 75'	Report

San Siro, Milan

Attendance: 48,858

Referee: Ahmet Çakar ( Turkey)

Second leg

15 March 1995

18:45

IFK Göteborg	2–2	Bayern Munich
Lilienberg 79' Martinsson 90'	Report	Zickler 64' Nerlinger 72'

Ullevi, Gothenburg

Attendance: 36,525

Referee: Leslie Mottram ( Scotland)

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

15 March 1995

18:45

Ajax	3–0	Hajduk Split
Kanu 34' F. de Boer 43', 67'	Report

Olympisch Stadion, Amsterdam

Attendance: 42,000

Referee: Ion Crăciunescu ( Romania)

Ajax won 3–0 on aggregate.

15 March 1995

21:15

Paris Saint-Germain	2–1	Barcelona
Raí 72' Guérin 83'	Report	Bakero 50'

Parc des Princes, Paris

Attendance: 45,604

Referee: Gerd Grabher ( Austria)

Paris Saint-Germain won 3–2 on aggregate.

15 March 1995

21:15

Benfica	0–0	Milan
	Report

Estádio da Luz, Lisbon

Attendance: 52,500

Referee: Guy Goethals ( Belgium)

Milan won 2–0 on aggregate.

Semi-finals

Team 1	Agg.Tooltip Aggregate score	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

5 April 1995

20:30

Bayern Munich	0–0	Ajax
	Report

Olympiastadion, Munich

Attendance: 60,000

Referee: Ahmet Çakar ( Turkey)

5 April 1995

20:30

Paris Saint-Germain	0–1	Milan
	Report	Boban 90+1'

Parc des Princes, Paris

Attendance: 44,965

Referee: Serge Muhmenthaler ( Switzerland)

Second leg

19 April 1995

20:30

Ajax	5–2	Bayern Munich
Litmanen 12', 46' George 41' R. de Boer 44' Overmars 88'	Report	Witeczek 36' Scholl 75' ( pen.)

Olympisch Stadion, Amsterdam

Attendance: 42,000

Referee: Sándor Puhl ( Hungary)

Ajax won 5–2 on aggregate.

19 April 1995

20:30

Milan	2–0	Paris Saint-Germain
Savićević 21', 68'	Report

San Siro, Milan

Attendance: 79,885

Referee: Leslie Mottram ( Scotland)

Milan won 3–0 on aggregate.

Final

24 May 1995

20:30

Ajax	1–0	Milan
Kluivert 85'	Report

Ernst Happel Stadion, Vienna

Attendance: 49,730

Referee: Ion Crăciunescu ( Romania)