General elections were held in Mexico on 21 August 1994. The presidential elections resulted in a victory for Ernesto Zedillo of the Institutional Revolutionary Party (PRI), whilst the PRI won 300 of the 500 seats in the Chamber of Deputies and 95 of the 128 seats in the Senate. Voter turnout ranged from 77.4% in the proportional representation section of the Chamber elections to 75.9% in the constituency section.

The presidential elections were the first in Mexico to be monitored by international observers. Turnout was just over 77% of those eligible. To date, the 1994 elections mark the last time a presidential candidate won in all 31 states and Mexico City.

Although tension did not reach the level it did around the 1988 election, most political analysts agree that voters (in the aftermath of the Zapatista uprising that began in January and the assassination of the original PRI candidate Luis Donaldo Colosio), opted for continuity by allowing the PRI to remain in power, fearing that the country might otherwise be destabilized. While the election itself was generally considered clean, with no major irregularities, there was much criticism directed at the inequity of the campaigns, with the ruling PRI having a disproportionate advantage in regards to campaign financing and mass media exposure.

The 1994 elections took place in an atmosphere of political instability after the rise of the Zapatista Army of National Liberation (EZLN) on 1 January that year. The insurgency was a serious hit on the image that the Government wanted to portray of a developed, advanced country, and it highlighted the negative effects of the neoliberal reforms enacted by the Salinas administration.

In the previous six years, the right-wing opposition Partido Acción Nacional (PAN) had won many state elections, and was seen as a serious contender for the presidency in 1994. On the other hand, the left-wing Partido de la Revolucion Democratica (PRD), while building a wide social base, had failed to win any state governorship, which its leaders blamed on repression and electoral fraud by the PRI-controlled federal government.

Outgoing President Carlos Salinas de Gortari chose his Secretary of Social Development, Luis Donaldo Colosio, to be the PRI presidential candidate. Salinas' choice sparked a brief internal conflict in the government, as Manuel Camacho Solís, who was then Mayor of Mexico City, had expected himself to be the PRI candidate, and quit his position in protest. President Salinas immediately appointed Camacho as Minister of Foreign Relations to hide the conflict, and tried to appease him. In the aftermath of the Zapatista uprising, Camacho was designated Peace Commissioner in Chiapas.

The PAN chose Diego Fernández de Cevallos as their candidate through an internal convention.

Cuauhtémoc Cárdenas ran for the presidency once again, this time as the candidate of the PRD, the party he founded in 1989.