The 1954 Eastern Illinois Panthers football team represented Eastern Illinois State College (now known as Eastern Illinois University) as a member of the Interstate Intercollegiate Athletic Conference (IIAC) during the 1954 college football season. The team was led by eighth-year head coach Maynard O'Brien and played their home games at Lincoln Field in Charleston, Illinois. The Panthers finished the season with a 2–6–1 record overall and a 1–4–1 record in conference play, finishing fifth in the IIAC.