The 2014–15 Football League Trophy, was the 31st season in the history of the competition. It is a knock-out tournament for English football clubs in League One and League Two, the third and fourth tiers of the English football. In all, 48 clubs entered the competition. It was split into two sections, Northern and Southern, with the winners of each section contesting the final at Wembley Stadium. Peterborough United were the defending champions, but were eliminated in the first round by Leyton Orient.