The 1994 TranSouth Financial 400 was the fifth stock car race of the 1994 NASCAR Winston Cup Series season and the 38th iteration of the event. The race was held on Sunday, March 27, 1994, in Darlington, South Carolina, at Darlington Raceway, a 1.366 miles (2.198 km) permanent egg-shaped oval racetrack. The race took the scheduled 293 laps to complete. At race's end, Richard Childress Racing driver Dale Earnhardt would manage to dominate the majority of the race to take his 60th career NASCAR Winston Cup Series victory and his first victory of the season.^[1][2] To fill out the top three, Roush Racing driver Mark Martin and Junior Johnson driver Bill Elliott would finish in the respective positions.^[3]

Darlington Raceway is a race track built for NASCAR racing located near Darlington, South Carolina. It is nicknamed "The Lady in Black" and "The Track Too Tough to Tame" by many NASCAR fans and drivers and advertised as "A NASCAR Tradition." It is of a unique, somewhat egg-shaped design, an oval with the ends of very different configurations, a condition which supposedly arose from the proximity of one end of the track to a minnow pond the owner refused to relocate. This situation makes it very challenging for the crews to set up their cars' handling in a way that is effective at both ends.

• (R) denotes rookie driver.

Qualifying was split into two rounds. The first round was held on Friday, March 4, at 11:30 AM EST. Each driver would have one lap to set a time. During the first round, the top 20 drivers in the round would be guaranteed a starting spot in the race. If a driver was not able to guarantee a spot in the first round, they had the option to scrub their time from the first round and try and run a faster lap time in a second round qualifying run, held on Saturday, March 5, at 12:15 PM EST. As with the first round, each driver would have one lap to set a time. For this specific race, positions 21-40 would be decided on time,^[4] and depending on who needed it, a select amount of positions were given to cars who had not otherwise qualified but were high enough in owner's points; which was usually two. If needed, a past champion who did not qualify on either time or provisionals could use a champion's provisional, adding one more spot to the field.

Bill Elliott, driving for Junior Johnson & Associates, would win the pole, setting a time of 29.704 and an average speed of 165.553 miles per hour (266.432 km/h) in the first round.^[5]

Eight drivers would fail to qualify.

Drivers' Championship standings Pos Driver Points 1 Ernie Irvan 860 2 2 Dale Earnhardt 779 (-81) 1 3 Mark Martin 779 (-81) 5 4 Ken Schrader 688 (–192) 3 5 Ricky Rudd 657 (–203) 4 6 Lake Speed 647 (–213) 3 7 Morgan Shepherd 640 (–220) 1 8 Jeff Gordon 615 (–245) 3 9 Sterling Marlin 614 (–246) 5 10 Terry Labonte 609 (–251) Official driver's standings Note: Only the first 10 positions are included for the driver standings.