The 40th Filmfare Award was held in Mumbai in 1995. It was a year for Sooraj R. Barjatya's film ‘Hum Aapke Hain Koun..!’ This film dominated the award ceremony, and it is said that Vidhu Vinod Chopra’s film ‘1942- A Love Story’ too dominated the show with maximum nine awards. While ‘Hum Aapke Hain Koun..!’ had bagged award in the general category, Vidhu Vinod Chopra’s film ‘1942-A Love Story’ swept the technical awards. Actress Madhuri Dixit became Bollywood’s new queen replacing Sridevi and was the highest paid star then.
Even Lata Mangeshkar received a special mention award for her song "Didi Tera Devar Deewana" from film ‘Hum Aapke Hain Koun..!’. Sooraj R. Barjatya’s film ‘‘Hum Aapke Hain Koun..!’ was undoubtedly the best film of the year. Best director and best screenplay award went to Sooraj R. Barjatya for this film. Madhuri Dixit won the best actress award for the same film. Actor Nana Patekar won the best actor award and Dimple Kapadia won the 'best-supporting-actress' award for ‘Krantiveer’. Jackie Shroff won the best supporting actor award for film ‘1942 A Love Story’.
Actor Shah Rukh Khan won the best villain award for the film ‘Anjaam’. Comedian-actor Shakti Kapoor won the best comic actor for his role in ‘Raja Babu’. Shekhar Kapoor's film 'Bandit Queen' won him the critics’ best director award. Veteran actress Farida Jalal won Filmfare Critics award for her best performance in Shyam Benegal's film ‘Mammo’. The Lifetime Achievement award went to two legends. Actress Waheeda Rehman and actor Shammi Kapoor won the award together.
R.D. Burman had passed away while composing music for film ‘1942 A Love Story’. Hence, an award was instituted by Filmfare from the year 1995 in memory of R.D. Burman. Music composer A.R. Rahman was first to win won the Rahul Dev Burman Award. Vidhu Vinod Chopra’s film almost swept all awards which include best music director (R.D. Burman), best lyricist (Javed Akhtar) and best male playback singer (Kumar Sanu) for song "Ek Ladki Ko Dekha", best female singer (Kavita Krishnamurthy) for song "Pyaar Hua Chupke Se", best art director (Nitin Desai), best editing (Renu Saluja), best cinematographer (Binod Pradhan) and best sound design (Jitendra Chaudhary, Namita Nayak). Film ‘Krantiveer’ won the best dialogue writer award for K.K. Singh and best story writer award for Ishraq-Suja.
Chinni Prakash won the best choreographer award for film 'Mohra' for the song "Tu Cheez Badi Hai". Actress Tabu won the ‘best debut’ of the year for film ‘'Vijaypath' and Sonali Bender won the 'Lux New Face of the Year' award for the film 'Aag'.