The 2014–15 SMU Mustangs women's basketball team will represent Southern Methodist University in the 2014–15 NCAA Division I women's basketball season. The Mustangs will play their home games at Moody Coliseum. The 2014–15 season will be the second season the Mustangs will participate in the American Athletic Conference. The Mustangs were coached by 24th year head coach Rhonda Rompola. They finished the season 7–23, 3–15 in AAC play to finish in tenth place. They lost in the first round in the American Athletic women's tournament to Memphis.