The 1994 tournament in Italy saw Canada win its first gold medal since the Trail Smoke Eaters' victory in 1961. In the gold medal game versus Finland, the two teams remained tied after both regulation time and a ten minute overtime period. In the subsequent shoot-out, Luc Robitaille fired the Canadians ahead and goalie Bill Ranford foiled Finland's Mika Nieminen to clinch the title. This victory came two months after Canada lost to Sweden in a similar shoot-out during the gold medal game of the Lilehammer Olympics.
Canada went though the tournament undefeated and untied, finishing first in its preliminary round group. They ousted the Czech Republic 3-2 in the quarterfinals and Sweden 6-0 in the semifinals. The Finns also played well, posting a 4-0-1 preliminary round record to win their group. They routed Austria 10-0 and the United States 8-0 in the quarterfinals and semifinals respectively. The bronze medal went to Sweden, which trounced the United States 7-2. The Americans had earlier upset Russia 3-1 in the quarterfinals. Sweden's Mats Sundin won the scoring title with five goals and 14 points, followed closely by Paul Kariya of Canada and Saku Koivu of Finland.