The 1974 Texas lieutenant gubernatorial election was held on November 5, 1974, to elect the Lieutenant Governor of Texas. The Incumbent, William P. Hobby Jr. ran for re-election to his second term, he was elected against Republican, Gaylord Marshall. Hobby won the election with 74% of the vote to Marshall's 24%. Hobby was sworn in for his second term on January 21, 1975.
As the Constitution of Texas had been amended in 1972 to extend the state's federal officers terms from 2 years to 4 years, Hobby became the first lieutenant governor to be sworn into and serve a four-year term.