The 1954 All-Southwest Conference football team consists of American football players chosen by various organizations for All-Southwest Conference teams for the 1954 college football season. The selectors for the 1954 season included the Associated Press (AP) and the United Press (UP). Players selected as first-team players by both the AP and UP are designated in bold.

All Southwest selections

Backs

• Frank Eidom, SMU (AP-1 [HB]; UP-1)
• Dicky Moegle, Rice (AP-1 [HB]; UP-1) (College Football Hall of Fame)
• Henry Moore, Arkansas (AP-1 [FB]; UP-1)
• Billy Hooper, Baylor (AP-1 [QB]; UP-2)
• Elwood Kettler, Texas A&M (UP-1)
• Jim Swink, TCU (UP-2)
• Del Shofner, Baylor (UP-2)
• George Walker, Arkansas (UP-2)
• Don Kachtik, Texas A&M (UP-2)

Ends

• Hank Gremminger, Baylor (AP-1; UP-1)
• Bennie Sinclair, Texas A&M (AP-1; UP-1)
• Raymond Berry, SMU (UP-2)
• Lamoine Holland, Rice (UP-2)

Tackles

• Jim Ray Smith, Baylor (AP-1; UP-1) (College Football Hall of Fame)
• Buck Lansford, Texas (AP-1; UP-2)
• Eddie Rayburn, Rice (UP-1)
• Forrest Gregg, SMU (UP-2)

Guards

• Bud Brooks, Arkansas (AP-1; UP-1)
• Kenny Paul, Rice (AP-1; UP-1)
• Eddie Bradford, Arkansas (UP-2)
• Clarence Dierking, Baylor (UP-2)

Centers

• Hugh Pitts, TCU (AP-1; UP-1)
• John Tatum, Texas (UP-2)

Key

AP = Associated Press^[1]

UP = United Press^[2]

Bold = Consensus first-team selection of both the AP and UP