Coach: Norm Smith
Captain: Geoff Collins
Finishing Position: 4th (runners up)
Best and Fairest: Denis Cordner
Leading Goalkicker: Noel Clarke (51)
Best First Year Player: Robert B Johnson
Members: 2444
| Matches | Ladder | Playing List | Tribunal | Seconds | Thirds | Fourths |
After narrowly avoiding the wooden spoon with a young team in 1953, the committee decided to be patient and give Norm Smith more time to reap the rewards of several years of introducing new players. The Demons were expected to improve, but surprised everyone with their rapid rise to a Grand Final. Geoff Collins was named captain after the resignation of Denis Cordner, chosen over vice-captain Noel McMahen, who was not considered as he was expected to apply for a coaching role at the end of the year.
Two losses in their first three games had Melbourne on the back foot, and they barely scraped into the finals with a percentage below a hundred via a last round win. A shock victory against North Melbourne in the Semi Final was followed by an even bigger Preliminary Final boilover when minor premiers Geelong were eliminated. Despite the promise of a financial bonus for the best player in the finals, raised by selling a bull donated by a supporter, the fairytale run came to an end in the Grand Final as Footscray won their first premiership.
Seniors, Seconds, Thirds and Fourths all made the finals. Senior players who appeared in all three finals games got a £16 pound bonus, while all players on the senior list shared donations made by supporters to celebrate making finals.
At the end of the season Melbourne supported a motion to remove the district system and allow players to choose the clubs they wanted to play for no matter where they lived. This was a reaction to population decreases in their areas of the City of Melbourne and Prahran. Despite support from Collingwood and Fitzroy, the motion didn't have the required 75% majority to pass.
Melbourne's VFL delegates were Bert Chadwick and Richard Taylor. A pre-season proposal to play Seconds matches at the home ground of the senior club instead of Thirds games was defeated. Rules were altered to allow players up to six senior matches without a clearance from country clubs, up from the previous two.
Practice match
| Opposition | Result | Score | ||||
| Ormond | ? | |||||
Premiership season
| Round | Opposition | Result | Score | |||
| 1 | Collingwood | LOSS | 64-102 | |||
| 2 | Carlton | WIN | 101-82 | |||
| 3 | Hawthorn | LOSS | 64-75 | |||
| 4 | Fitzroy | WIN | 96-54 | |||
| 5 | Richmond | WIN | 97-67 | |||
| 6 | St. Kilda | LOSS | 78-99 | |||
| 7 | South Melbourne | WIN | 111-89 | |||
| 8 | Geelong | WIN | 80-71 | |||
| 9 | Essendon | LOSS | 79-101 | |||
| 10 | Footscray | LOSS | 57-73 | |||
| 11 | North Melbourne | WIN | 105-72 | |||
| 12 | Collingwood | LOSS | 46-54 | |||
| 13 | Carlton | WIN | 76-41 | |||
| 14 | Hawthorn | WIN | 110-33 | |||
| 15 | Fitzroy | LOSS | 48-59 | |||
| 16 | Richmond | WIN | 94-78 | |||
| 17 | St. Kilda | WIN | 97-40 | |||
| 18 | South Melbourne | WIN | 101-49 | |||
| SF | North Melbourne | WIN | 110-80 | |||
| PF | Geelong | WIN | 67-50 | |||
| GF | Footscray | LOSS | 51-102 | |||
Exhibition match
| Opposition | Result | __Score | ||||
| Alberton League | WIN | 236-22 | ||||
| North-Eastern XVIII | WIN | 139-52 | ||||
Ladder
| W | D | L | % | P | ||
| Geelong | 13 | 0 | 5 | 133.1 | 52 | |
| Footscray | 11 | 1 | 6 | 130.0 | 46 | |
| North Melbourne | 11 | 1 | 6 | 99.6 | 46 | |
| Melbourne | 11 | 0 | 7 | 99.6 | 44 | |
| Richmond | 10 | 0 | 8 | 114.7 | 40 | |
| Essendon | 10 | 0 | 8 | 107.8 | 40 | |
| Collingwood | 10 | 0 | 8 | 100.8 | 40 | |
| Carlton | 8 | 0 | 10 | 99.4 | 32 | |
| Hawthorn | 8 | 0 | 10 | 88.0 | 32 | |
| South Melbourne | 6 | 0 | 12 | 81.6 | 24 | |
| Fitzroy | 4 | 1 | 13 | 73.2 | 18 | |
| St. Kilda | 4 | 1 | 13 | 72.7 | 18 | |
Playing List
| Number | Name | Games | Goals | |||
| 1 | Denis Cordner | 21 | 6 | |||
| 2 | Robert McKenzie | 19 | 31 | |||
| 3 | Peter Marquis | 17 | 2 | |||
| 4 | Ken Christie | 16 | 1 | |||
| 5 | Ian McLean | 20 | 4 | |||
| 6 | Ken Albiston | 9 | 15 | |||
| 7 | Geoff Case | 14 | 4 | |||
| 8 | Geoff Collins | 21 | 1 | |||
| 9 | Brian Dixon | 8 | 2 | |||
| 10 | Lance Arnold | 18 | 4 | |||
| 11 | Laurie Mithen | 13 | 6 | |||
| 12 | Stuart Spencer | 21 | 37 | |||
| 16 | Clyde Laidlaw | 8 | 2 | |||
| 17 | Geoff McGivern | 16 | 11 | |||
| 18 | Bob Johnson | 11 | 23 | |||
| 19 | Keith Carroll | 6 | 0 | |||
| 22 | John Ferguson | 4 | 3 | |||
| 23 | Leigh Gloury | 3 | 0 | |||
| 24 | Ian Ridley | 2 | 1 | |||
| 25 | Don Williams | 21 | 0 | |||
| 26 | Noel Clarke | 20 | 51 | |||
| 28 | Terry Gleeson | 4 | 1 | |||
| 29 | Tony Bull | 6 | 2 | |||
| 30 | John Beckwith | 17 | 0 | |||
| 31 | Ron Barassi | 14 | 12 | |||
| 32 | Dale Anderson | 1 | 1 | |||
| 33 | Colin Wilson | 8 | 0 | |||
| 34 | Ralph Lane | 21 | 4 | |||
| 35 | Noel McMahen | 19 | 0 | |||
| 36 | Keith Robinson | 3 | 0 | |||
| 38 | Ken Melville | 20 | 0 | |||
| 39 | Tom Magee | 1 | 1 | |||
| 41 | Frank Adams | 18 | 20 | |||
Best and Fairest
| Player | ||||||
| 1st | Denis Cordner | |||||
| 2nd | Noel McMahen | |||||
Other Awards
Most improved - Geoff Case
Outstanding service - Stuart Spencer
Consistent service - Peter Marquis and Ken Melville
| Round | Player | Charge | Sanction | |||
| SF | Bob McKenzie | Striking | 4 matches | |||
| SF | Peter Marquis | Striking | Guilty (reprimand) | |||
Seconds
1954 Seconds season
Best and Fairest - Ken Albiston
Finals
| Round | Opponent | Result | ||||
| SF | Carlton | WIN | ||||
| GF | Richmond | LOSS | ||||
Thirds
1954 Thirds season
Captain - Terry Mountain
Leading Goalkicker: Peter Brenchley - 28
| W | D | L | % | P | ||
| Footscray | 14 | 0 | 2 | 122.7 | 56 | |
| Carlton | 13 | 0 | 3 | 145.0 | 52 | |
| Geelong | 11 | 0 | 5 | 133.8 | 44 | |
| Melbourne | 10 | 0 | 6 | 157.0 | 40 | |
| Fitzroy | 9 | 0 | 7 | 134.9 | 36 | |
| Essendon | 9 | 0 | 7 | 116.7 | 36 | |
| Richmond | 7 | 0 | 9 | 114.0 | 28 | |
| South Melbourne | 7 | 0 | 9 | 96.3 | 28 | |
| Collingwood | 7 | 0 | 9 | 86.6 | 28 | |
| North Melbourne | 6 | 0 | 10 | 94.6 | 24 | |
| St Kilda | 1 | 1 | 14 | 46.1 | 6 | |
| Hawthorn | 1 | 1 | 14 | 44.2 | 6 | |
Finals
| Round | Opposition | Result | Score | |||
| SF | Geelong | WIN | 93-42 | |||
| PF | Footscray | LOSS | 41-39 | |||
Fourths
Media
Sun - 01/04/1954, 03/04/1954, 27/09/1954
Age - 13/04/1954, 27/09/1954, 30/09/1954
Football Record - R1 1954
Herald - 17/08/1954, 20/10/1954
Argus - 16/09/1954, 21/10/1954