The 2nd Crystal Palace Trophy was a motor race, run to Formula One rules, held on 19 June 1954 at Crystal Palace Circuit, London. The race was run over two heats of 10 laps and a final of 10 laps. Reg Parnell in a Ferrari 500 won Heat 1 and set fastest lap in that heat. Peter Collins in a Connaught Type A-Lea Francis started from pole position in Heat 1. Rodney Nuckey in a Cooper T23-Bristol won Heat 2 and set fastest lap in that heat. Don Beauman in a Connaught Type A-Lea Francis started from pole position in Heat 2.