The 1954–55 NCAA men's basketball season began in December 1954, progressed through the regular season and conference tournaments, and concluded with the 1955 NCAA basketball tournament championship game on March 19, 1955, at Municipal Auditorium in Kansas City, Missouri. The San Francisco Dons won their first NCAA national championship with a 77–63 victory over the La Salle Explorers.

• The "one-and-one" free throw was introduced, allowing a player to attempt a second free throw after a foul if he made the first free throw. Previously, a player shot only one free throw after a foul.^[1]
• Games once again are divided into two 20-minute halves, as had been the practice through the 1950–51 season. From the 1951–52 season though the 1953–54 season, games had been divided into four 10-minute quarters.^[1]

• The Eastern Intercollegiate Basketball League was disbanded at the end of the season. Its teams, history, and heritage were absorbed into the Ivy League the following season.

• Kansas began playing at Allen Fieldhouse late in the season on March 1. The arena was named for their coach at the time Phog Allen. Allen Fieldhouse would eventually become one of the top college basketball home court advantages in the country.^[4]

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A number of teams changed coaches during the season and after it ended.