First round

In the preliminary round, the 18 teams were split up into four groups. Two of the groups had five teams each, with the other two having four each. The top two teams in each group advanced to the final round, while the other ten teams were relegated to classification play.

Group A

Rank	Team	Pts	W	L	PF	PA	Diff
1.	Poland	8	4	0	346	213	+133
2.	Yugoslavia	7	3	1	270	220	+50
3.	France	6	2	2	261	203	+58
4.	Austria	5	1	3	236	268	−32
5.	England	4	0	4	195	404	−209

France	72 – 56	Austria
Poland	69 – 64	Yugoslavia
Poland	80 – 50	Austria
England	50 – 97	France
England	44 – 140	Poland
Yugoslavia	68 – 61 OT	Austria
Yugoslavia	98 – 53	England
France	55 – 57	Poland
Austria	69 – 48	England
France	37 – 40	Yugoslavia

Group B

Rank	Team	Pts	W	L	PF	PA	Diff
1.	Hungary	6	3	0	235	171	+64
2.	Italy	5	2	1	232	197	+35
3.	Turkey	4	1	2	201	218	−17
4.	Finland	3	0	3	183	265	−82

Italy	86 – 63	Turkey
Hungary	94 – 58	Finland
Finland	66 – 83	Turkey
Hungary	75 – 58	Italy
Italy	88 – 59	Finland
Turkey	55 – 66	Hungary

Group C

Rank	Team	Pts	W	L	PF	PA	Diff
1.	Soviet Union	8	4	0	372	179	+193
2.	Romania	7	3	1	280	210	+70
3.	Switzerland	6	2	2	233	252	−19
4.	Sweden	5	1	3	189	314	−125
5.	Luxembourg	4	0	4	179	298	−119

Sweden	52 – 72	Switzerland
Luxembourg	36 – 103	Soviet Union
Sweden	54 – 53	Luxembourg
Romania	63 – 79	Soviet Union
Switzerland	73 – 50	Luxembourg
Romania	86 – 52	Sweden
Soviet Union	103 – 31	Sweden
Switzerland	39 – 63	Romania
Romania	68 – 40	Luxembourg
Soviet Union	87 – 49	Switzerland

Group D

Rank	Team	Pts	W	L	PF	PA	Diff
1.	Czechoslovakia	6	3	0	286	161	+125
2.	Bulgaria	5	2	1	272	160	+112
3.	West Germany	4	1	2	171	246	−75
4.	Denmark	3	0	3	97	259	−162

Bulgaria	107 – 33	Denmark
West Germany	65 – 113	Czechoslovakia
Bulgaria	97 – 54	West Germany
Czechoslovakia	100 – 28	Denmark
Denmark	36 – 52	West Germany
Czechoslovakia	73 – 68	Bulgaria

Classification round 1

The first classification round was played in two round-robin groups. Teams advanced into the second classification round depending on their results in the first round—first and second place teams played in the 9–12 segment of classification round 2 while third and fourth place teams played for 13th to 16th places. The fifth place teams played one game against each other for 17th and 18th places.

Group 1

Rank	Team	Pts	W	L	PF	PA	Diff
1.	Finland	8	4	0	279	203	+76
2.	England	6	2	2	220	262	−42
3.	Switzerland	6	2	2	194	199	−5
4.	Austria	5	1	3	184	213	−29
5.	West Germany	5	1	3	196	196	0

West Germany	67 – 50	England
Finland	55 – 49	Austria
West Germany	53 – 65	Finland
Switzerland	65 – 41	Austria
England	60 – 94	Finland
Switzerland	35 – 34	West Germany
England	59 – 53	Switzerland
Austria	46 – 42	West Germany
Austria	48 – 51	England
Finland	65 – 41	Switzerland

Group 2

Rank	Team	Pts	W	L	PF	PA	Diff
1.	France	8	4	0	314	130	+184
2.	Turkey	7	3	1	279	188	+91
3.	Luxembourg	6	2	2	200	246	−46
4.	Sweden	5	1	3	192	277	−85
5.	Denmark	4	0	4	131	275	−144

Turkey	72 – 59	Luxembourg
Denmark	41 – 51	Sweden
France	84 – 36	Sweden
Turkey	82 – 33	Denmark
Luxembourg	46 – 31	Denmark
France	50 – 38	Turkey
Sweden	46 – 87	Turkey
Luxembourg	30 – 84	France
Sweden	59 – 65	Luxembourg
Denmark	26 – 96	France

Classification round 2

Final round

The final round was played as an 8-team round robin, with no further playoffs.

Rank	Team	Pts	W	L	PF	PA	Diff
1.	Hungary	13	6	1	514	427	+87
2.	Czechoslovakia	12	5	2	533	447	+86
3.	Soviet Union	12	5	2	538	467	+71
4.	Bulgaria	11	4	3	483	465	+18
5.	Poland	10	3	4	461	516	−55
6.	Italy	9	2	5	434	510	−76
7.	Romania	9	2	5	473	516	−43
8.	Yugoslavia	8	1	6	397	485	−88

After two rounds of the round robin, the Soviet Union was the only team still undefeated. Poland had lost both of their games, and the other six teams were 1–1.

The Soviet team remained undefeated with an easy win over Yugoslavia, while Bulgaria and Hungary followed closely at 2–1 as the other 5 teams trailed at 1–2.

Ending the Soviet Union's undefeated streak that had spanned 32 games and was into its 4th tournament, Czechoslovakia won 81–74 to bump the Soviet Union to 3–1, tied with a Hungarian team it had yet to face in direct competition in the final round.

The Soviet Union and Hungary each won their fifth-round games, moving up to 4–1 apiece with two games left. The sixth round would pit the two against each other, however, so the tie for the lead of the group was about to be broken. Bulgaria and Czechoslovakia remained close behind at 3–2, followed by Romania and Poland at 2–3. Yugoslavia and Italy brought up the rear with 1–4 records.

The host Hungarian team dealt the Soviet Union its second loss in Eurobasket history. The Soviets were for the first time no longer in control of their own destiny — the Hungarians had taken lead of the group and the Soviets could not directly take it back. They were now in a three-way tie for second place with Bulgaria and Czechoslovakia.

Hungary's defeat of Romania clinched the gold medal for the hosts, who were the only 6–1 team in the final round. The Soviets and Czechoslovakia both finished at 5–2, with Czechoslovakia taking the silver medal and the Soviet Union, three-time gold medal winners, finished with a bronze medal.

1955 FIBA EuroBasket champions
Hungary 1st title