The 1954 Ukrainian Cup was a football knockout competition conducting by the Football Federation of the Ukrainian SSR and was known as the Ukrainian Cup.
The Ukrainian teams of masters did not take part in the competition.
| width=20% | width=12% | width=20% | ||||
|---|---|---|---|---|---|---|
| FC Shakhtar Stalino (Rep) | 13:2 | FC Khimik Pavlohrad | in Stalino | |||
| FC Spartak Kiev (Rep) | 2:1 | FC Dynamo Zhytomyr | ||||
| FC Trud Vinnytsia (Rep) | 8:2 | FC Urozhai Rivno | ||||
| FC Zenit Kyiv (Rep) | 4:2 | (Rep) FC Dynamo Khmelnytskyi | ||||
| FC Iskra Vynohradiv | 2:4 | FC Dynamo Lviv | ||||
| FC Dynamo Ternopil (Rep) | +:– | (Rep) FC Spartak Stanislav | ||||
| FC Naftovyk Drohobych (Rep) | +:– | (Rep) FC Dynamo Lutsk | ||||
| FC Dynamo Chernivtsi (Rep) | +:– | (Rep) FC Spartak Kherson | ||||
| ODO Odessa (Rep) | 2:1 | (Rep) FC Enerhiya Kharkiv | ||||
| FC Torpedo Fastiv | 0:3 | (Rep) FC Budivelnyk Mykolaiv | ||||
| Yevpatoria team | 2:0 | FC Khimik Rubizhne | ||||
| Sevastopol team | 4:0 | (Rep) FC Mashynobudivnyk Dnipropetrovsk | ||||
| FC Torpedo Kharkiv (Rep) | 4:1 | (Rep) FC Torpedo Kirovohrad | ||||
| FC Mashynobudivnyk Zaporizhia (Rep) | 0:2 | FC Khimik Slovyansk | ||||
| FC Torpedo Sumy (Rep) | 1:0 | (Rep) FC Lokomotyv Poltava | ||||
| FC Kharchovyk Cherkasy | 0:1 | (Rep) Chernihiv team |
| width=20% | width=12% | width=20% | ||||
|---|---|---|---|---|---|---|
| FC Budivelnyk Mykolaiv (Rep) | 6:0 | (Rep) FC Shakhtar Stalino | ||||
| Chernihiv team (Rep) | 2:0 | (Rep) FC Spartak Kiev |
| width=20% | width=12% | width=20% | ||||
|---|---|---|---|---|---|---|
| FC Zenit Kyiv (Rep) | 5:1 | (Rep) FC Naftovyk Drohobych | ||||
| FC Torpedo Sumy (Rep) | 2:1 | (Rep) Chernihiv team | ||||
| FC Torpedo Kharkiv (Rep) | 2:0 | Sevastopol team | ||||
| FC Budivelnyk Mykolaiv (Rep) | 1:1 | (Rep) ODO Odessa | 1:3 |
| width=20% | width=12% | width=20% | ||||
|---|---|---|---|---|---|---|
| FC Zenit Kyiv (Rep) | 2:0 | (Rep) FC Torpedo Sumy | ||||
| ODO Odessa (Rep) | 1:0 | (Rep) FC Torpedo Kharkiv |
The final was held in Kiev.