The 1994 Alabama State Treasurer election was held on November 8, 1994, to elect the Alabama State Treasurer. Democratic incumbent George Wallace Jr. was term-limited and instead ran unsuccessfully for the Democratic nomination for lieutenant governor of Alabama. Democrat and former Second Lady of Alabama Lucy Baxley won the election, defeating Republican former U.S. Representative James D. Martin by a razor-thin margin of just 32 votes.
Democratic primary Candidates Lucy Baxley, former Second Lady of Alabama (1983–1987) Elizabeth Alexander Steven Phelps Results
Republican primary Candidates James D. Martin, former U.S. representative from Alabama's 7th congressional district (1965–1967) Jim Anton Results
General election Candidates Lucy Baxley, former Second Lady of Alabama (1983–1987) (Democratic) James D. Martin, former U.S. representative from Alabama's 7th congressional district (1965–1967) (Republican) Results
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