Saturday Night Live aired its twentieth season during the 1994–95 television season on NBC. The twentieth season began on September 24, 1994 and ended on May 13, 1995. Much like seasons six and eleven, this season was lambasted by critics for its decline in quality. Season twenty suffered from having sketches based on very thin premises, a high number of which focused on or mentioned O. J. Simpson's 1995 murder trial.

Much like the 1980–1981 season and the 1985–1986 season, NBC worried over SNL's decline in quality and initially decided that now would be the best time to pull the plug on the show once and for all. According to the prime time special Saturday Night Live in the '90s: Pop Culture Nation, Lorne Michaels credits this season as the closest he's ever been to being fired. In the end, the cast member firings and crew turnover resulting from this season represented the biggest involvement into the show's affairs by NBC executives since the 1980–1981 season and the biggest cast overhaul since the 1985–1986 season.

This season saw the deaths of two SNL alumni: Danitra Vance and Michael O'Donoghue. The Sarah Jessica Parker/R.E.M. episode featured a special appearance by Bill Murray, who introduced a clip of "Mr. Mike's Least Favorite Bedtime Stories" in O'Donoghue's memory.