The Edmonton Eskimos defeat the Montreal Alouettes in the first Grey Cup held in the west. This was also the first year that the Grey Cup was open to professional teams only, as the amateur Ontario Rugby Football Union was not invited to compete in an inter-union playdown, leaving only the (Eastern Canadian) Interprovincial Rugby Football Union and the (Western Canadian) Western Interprovincial Football Union to compete for the Canadian championship.

For 45 years the Grey Cup classic was an event held exclusively in the province of Ontario, with the one exception in 1931 when the game was staged in Montreal. This all changed in 1955 when the game was awarded to Vancouver, B.C. The then largest crowd in the history of organized team sports in Canada packed Empire Stadium to witness the Edmonton Eskimos defeat the Montreal Alouettes. The 39,417 in attendance remained a Grey Cup record until 1976.^[1]

The Interprovincial Rugby Football Union (IRFU) allowed the third place team to qualify for a playoff berth. The Grey Cup had a gross revenue of $198,000.^[2]

In January 1955, the Western Interprovincial Football Union (WIFU) announced that a playoff game with the Ontario Rugby Football Union (ORFU) was no longer desired. The WIFU and IRFU both scheduled their games so as not to leave an open date for the traditional game with the ORFU. At the March meeting of the CRU, the ORFU withdrew from Grey Cup competition for 1955.^[3] 1955 became the first year that only the IRFU and the WIFU competed for the Grey Cup.

Montreal's Tex Coulter became the first player to win the Most Outstanding Lineman Award.

Note: GP = Games Played, W = Wins, L = Losses, T = Ties, PF = Points For, PA = Points Against, Pts = Points

• Bold text means that they have clinched the playoffs.
• Edmonton and Montreal both have first round byes.

Note: All dates in 1955

• Winnipeg won the total-point series by 24–16. The Blue Bombers will play the Edmonton Eskimos in the WIFU Finals.

• The Argonauts will play the Montreal Alouettes in the Eastern finals.

• Edmonton wins the best of three series 2–0. The Eskimos will advance to the Grey Cup game.

• The Alouettes will advance to the Grey Cup game.

• Note: IRFU and Eastern Final dates are not confirmed, however since [1] the regular season ended October 29 in the West, and November 5 in the East, and [2] WIFU playoff dates, as well as the Grey Cup date are accurate, it is reasonable to assume the above dates are accurate.

• CFL Passing Leaders
• CFL Rushing Leaders
• CFL Receiving Leaders^[5]

NOTE: The following players were selected to the All-Star team as replacements for players who would have had to play both ways in the Shrine Game (denoted with an *):

• RB – Corky Tharp, Toronto Argonauts
• DT – Jim Staton, Montreal Alouettes
• LB – John Blaicher, Montreal Alouettes
• LB – Juan Sheridan, Montreal Alouettes
• DB – Bobby Simpson, Ottawa Rough Riders

• QB – Bob Celeri, Kitchener-Waterloo Dutchmen
• RB – Hal Patterson, Montreal Alouettes
• RB – Corky Tharp, Toronto Argonauts
• RB – Avatus Stone, Ottawa Rough Riders
• E – Doug McNichol, Montreal Alouettes
• E – Pete Neumann, Hamilton Tiger-Cats
• FW – Ron Stewart, Queen's University
• C – Frank Dempsey, Ottawa Rough Riders
• OG – Eddie Bevan, Hamilton Tiger-Cats
• OG – Vince Scott, Hamilton Tiger-Cats
• OT – Jim Hughes, Queen's University
• OT – Ray Collins, Hamilton Tiger-Cats

NOTE: The following players were selected to the All-Star team as replacements for players who would have had to play both ways, or were injured, in the Shrine Game (denoted with an *):

• FW – Lynn Bottoms, Calgary Stampeders
• C – Mel Beckett, Saskatchewan Roughriders
• OG – Frank Morris, Edmonton Eskimos
• DG – Ron Atchison, Saskatchewan Roughriders
• DT – Martin Ruby, Saskatchewan Roughriders
• DE – Norm Fieldgate, British Columbia Lions
• LB – Mike King, Edmonton Eskimos
• DB – Gord Rowland, Winnipeg Blue Bombers

NOTE: During this time most players played both ways, so the All-Star selections do not distinguish between some offensive and defensive positions.

• Most Outstanding Player Award – Pat Abbruzzi (RB), Montreal Alouettes
• Most Outstanding Canadian Award – Normie Kwong (RB), Edmonton Eskimos
• Outstanding Lineman Award – Tex Coulter (OT/DT), Montreal Alouettes
• Jeff Russel Memorial Trophy (IRFU MVP) – Avatus Stone (DB), Ottawa Rough Riders
• Jeff Nicklin Memorial Trophy (WIFU MVP) - Ken Carpenter (RB), Saskatchewan Roughriders
• Gruen Trophy (IRFU Rookie of the Year) - Ed Mularchyk (E), Ottawa Rough Riders
• Dr. Beattie Martin Trophy (WIFU Rookie of the Year) - Harry Lunn (HB), Saskatchewan Roughriders
• Imperial Oil Trophy (ORFU MVP) - Bob Celeri - Kitchener-Waterloo Dutchmen