This is the list of the best albums voted by the NME critics at the end of 1974. This was the first year the list was published. A ranked singles list was not compiled this year.
List of best albums
- Pretzel Logic – Steely Dan
- It's Only Rock 'n' Roll – Rolling Stones
- Before the Flood – Bob Dylan
- 461 Ocean Boulevard – Eric Clapton
- Todd – Todd Rundgren
- On The Beach – Neil Young
- Rock Bottom – Robert Wyatt
- Fulfillingness First Finale – Stevie Wonder
- Country Life – Roxy Music
- AWB – Average White Band
- Future Days – Can
- Smiler – Rod Stewart
- Secret Treaties – Blue Öyster Cult
- Maria Muldaur – Maria Muldaur
- Another Saturday Night – Various Artists
- Sold American – Kinky Friedman
- On The Border – Eagles
- Court and Spark – Joni Mitchell
- Odds & Sods – The Who
- Kimono My House – Sparks
- Okie – J. J. Cale
- Grievous Angel – Gram Parsons
- Radio City – Big Star
- Mysterious Traveller – Weather Report
- Sheer Heart Attack – Queen
- Big Fun – Miles Davis
- Rock 'n' Roll Animal – Lou Reed
- Deal Gone Down – Michael Chapman
- I Want To See The Bright Lights Tonight – Richard and Linda Thompson
- It's Too Late To Stop Now – Van Morrison
- Teasin' – Cornell Dupree
- Close Up the Honky Tonks – Flying Burrito Brothers
- Feats Don't Fail Me Now – Little Feat
- Veedon Fleece – Van Morrison
- Paradise And Lunch – Ry Cooder
- Dreamer – Bobby Bland
- In Concert – Beach Boys
- Fear – John Cale
- For Everyman – Jackson Browne
- His California Album – Bobby Bland
- Limited Edition – Can
- The Psychomodo – Cockney Rebel
- Good For You Too – Toni Brown
- Live – Marvin Gaye
- Live from Deep in the Heart of Texas – Commander Cody
- All American Boy – Rick Derringer
- Pretty Much Your Standard Ranch Stash – Mike Nesmith
- Streetwalkers – Chapman-Whitney
- Keep On Smilin' – Wet Willie
- Planet Waves – Bob Dylan
- Anthology – Marvin Gaye
- Soon Over Babaluma – Can
- Spyglass Guest – Greenslade
- Sneakin' Sally Through the Alley – Robert Palmer
- Propaganda – Sparks
- The Shipbuilder – Bob Pegg & Nick Strutt
- Learn To Love It – Jesse Winchester
- Guitar Solos – Fred Frith
- Angel's Egg – Gong
- Good Old Boys – Randy Newman