The championship was reestablished after the 1993 Campeonato Brasileiro, and its participants included the eight teams relegated from the 1993 Série A, along with 16 teams chosen through qualificatory tournaments. However, with América-MG's suspension, Democrata, that had been eliminated in the qualification, was chosen to take América's place. Juventude beat Goiás in the final match, and was declared 1994 Brazilian Série B champions, and both Goiás and Juventude achieved promotion to the 1995 Série A. The two worst ranked teams (Fortaleza and Tiradentes-DF) were relegated to play Série C in 1995.
