After a tie for fifth at the Masters in April, Fowler had his best finish of 2014 at the U.S. Open at Pinehurst No. 2 in North Carolina. Fowler was runner-up with Erik Compton at −1, best finishes for both at a major, but they were eight strokes behind champion Martin Kaymer. Fowler had another second-place finish, at the Open Championship at Royal Liverpool Golf Club in Hoylake, England. He began the final round six strokes behind Rory McIlroy and finished the day tied for second with Sergio García at −15, two strokes behind McIlroy. At the next major in August, the PGA Championship, Fowler, Phil Mickelson, Henrik Stenson, and McIlroy battled for the title on a rain-soaked Valhalla Golf Club, near Louisville. Despite holding the lead for a good portion of the day, Fowler tied for third. He was only the third player, along with Jack Nicklaus and Tiger Woods, to have finished in the top 5 in all four majors in one calendar year, but the first not to win (Jordan Spieth became the fourth player in 2015). Fowler had 10 top-10 finishes during the 2013–14 season. His 8th-place finish at The Tour Championship moved him to 10th in the world golf rankings.
Presidents Cup: Closed out his second consecutive Presidents Cup appearance with a 6-and-4 victory over Emiliano Grillo, helping lead the United States to a 19-11 win over the International Team. Compiled a 3-0-1 overall record, highlighted by victories the first two days with teammate Justin Thomas in Foursomes (6 and 4 over Charl Schwartzel and Hideki Matsuyama) and Four-ball (3 and 2 over Branden Grace and Louis Oosthuizen).
U.S. Open: Playing alongside eventual-champion Martin Kaymer in the final pairing Sunday, followed up his career-best round (3-under 67) in a U.S. Open with a final-round, 2-over 72 to remain T2 (the sixth runner-up finish of his career). It was his best performance in six U.S. Open starts (previous-best finish was a T10 in 2013). It was also his top major championship showing among his 18 starts (previous-best finishes were T5s at the 2011 Open Championship and the 2014 Masters). His pairing with the 29-year-old Kaymer was just the third final grouping at the U.S. Open since 1965 with two players in their 20s. The others were John Mahaffey (28) and Jerry Pate (22) in 1976 and Woods (26) and Sergio Garcia (22) in 2002.
Waste Management Phoenix Open: Two weeks after the win in Abu Dhabi, made his eighth consecutive start in the Waste Management Phoenix Open, where he found himself three strokes off the lead after 54 holes. A final-round 4-under 67, capped off by a clutch birdie on the 72nd hole, forced sudden death with Hideki Matsuyama. On the fourth extra hole, the par-4 17th, an errant tee shot found the water hazard for the second time of the day. Matsuyama made par to win. Ranked second in Strokes Gained: Tee To Green and T1 in Strokes Gained: Total at TPC Scottsdale.
Hyundai Tournament of Champions: Finished T6 in a Monday-start-Tuesday-finish event, the season-opening, 54-hole Hyundai Tournament of Champions. The event "started" twice during the regularly scheduled first round Friday and later Sunday, but both times PGA TOUR rules staff halted play due to unplayable windy conditions and subsequently voided all scores that had taken place. As the first player off the tee, he ended up hitting three "opening" shots of the season.