The 1994 Masters Tournament was the 58th Masters Tournament, held April 7–10 at Augusta National Golf Club in Augusta, Georgia.

José María Olazábal won the first of his two Masters titles, two strokes ahead of runner-up Tom Lehman,[1][2][3] and became the sixth winner from Europe in the past seven Masters.[4][5] Olazábal was the second champion from Spain, following Seve Ballesteros, the winner in 1980 and 1983.

Larry Mize, the 1987 champion, led after each of the first two rounds,[6][7] and Lehman assumed the 54-hole lead with one of two 69s on Saturday; Olazábal had the other and was one stroke back, with Mize one behind in third.[8]Lehman, age 35, had yet to win on the PGA Tour.[9]

In the final round, Olazábal, Lehman, and Mize shared the lead entering the back nine.[4] Mize made three bogeys coming home and fell out of contention. Lehman bogeyed the par-3 12th to fall a stroke back, and at the par-5 15th hole, both Olazábal and Lehman had putts for eagle. Olazabal made his from 35 feet (11 m), but Lehman missed from fifteen (4.5 m), and the lead was two strokes.[3][4][5]

After pars at 16, Olazábal three-putted from off the 17th green for bogey, while Lehman missed a birdie from fifteen feet, and the lead was reduced to one at the final tee. Lehman's one-iron found the left fairway bunker, the approach shot was well short of the green, and he bogeyed; Olazábal put his approach into the gallery, but he scrambled for par and had a two-stroke victory.[3][4][5]

Fred Couples, the 1992 champion, did not enter due to back problems, withdrawing the previous Friday.[10] Olazábal won his second green jacket five years later in 1999. Lehman won his first tour event six weeks later at the Memorial,[11] and won a major at The Open Championship in 1996.