The 1994–95 season saw the Devils struggle in the first half, going 9–11–4. They improved drastically in the second half, however, going 13–7–4 to finish with 52 points and fifth place in the Eastern Conference. While defense was never an issue, the team struggled on the power play during the regular season, finishing 23rd in the league in that category with 13.5% (22 for 163).
The New Jersey Devils 1994–95 season also saw the Devils capture their first Stanley Cup championship, sweeping the Detroit Red Wings 4 games to 0. The Devils were much better on the power play in the playoffs than they were during the regular season, as they went 18 for 71 (25.35%).
| Rd # | Pick # | Player | Nat | Pos | Team (League) | Notes |
| 1 | 25 | Vadim Sharifijanov | LW | Salavat Yulaev Ufa (Russian Super League) | ||
| 2 | 51 | Patrik Elias | LW | HC Kladno (Czech Extraliga) | ||
| 3 | 71 | Sheldon Souray | D | Tri-City Americans (WHL) | ||
| 4 | 103 | Zdenek Skorepa | LW | HC Chemopetrol Litvínov (Czech Extraliga) | ||
| 5 | 129 | Christian Gosselin | D | Saint-Hyacinthe Laser (QMJHL) | ||
| 6 | 134 | Ryan Smart | F | Meadville H.S. (Pennsylvania) | ||
| 6 | 155 | Luciano Caravaggio | G | Michigan Technological University (WCHA) | ||
| 7 | 181 | Jeff Williams | LW | Guelph Storm (OHL) | ||
| 8 | 207 | Eric Bertrand | LW | Granby Bisons (QMJHL) | ||
| 9 | 233 | Steve Sullivan | C | Sault Ste. Marie Greyhounds (OHL) | ||
| 10 | 259 | Scott Swanjord | G | Waterloo Black Hawks (USHL) | ||
| 11 | 269 | Mike Hanson | C | Minot H.S. (North Dakota) |