The 1994 Drake Bulldogs football team represented Drake University as a member of the Pioneer Football League (PFL) during the 1994 NCAA Division I-AA football season. The team was led by sixth-year head coach Rob Ash and played their home games at Drake Stadium in Des Moines, Iowa. The Bulldogs compiled an overall record of 7–3, with a mark of 3–2 in conference play, and finished third in the PFL.