The 2014 K League Challenge was the second season of the K League 2, the second-highest division in the South Korean football league system. Since the 2014 season, the champions was promoted to the K League Classic and three teams from second to fourth-placed team qualified for the promotion playoffs after the regular season.

Relegated from K League Classic

Promoted to K League Classic

Note: Flags indicate national team as has been defined under FIFA eligibility rules. Players may hold more than one non-FIFA nationality.

Restricting the number of foreign players strictly to four per team, including a slot for a player from AFC countries. A team could use four foreign players on the field each game.

  Leaders
  Qualification for the promotion playoffs

The promotion-relegation playoffs were held between the winners of the 2014 K League Challenge playoffs and the 11th-placed club of the 2014 K League Classic. The winners on aggregate score after both matches earned entry into the 2015 K League Classic.

Gwangju FC won 4–2 on aggregate and were promoted to the K League Classic, while Gyeongnam FC were relegated to the K League Challenge.