The doubly odd nucleus 154Eu was produced during in-beam bombardments of a 154Sm target with 3He and deuteron beams at 27 and 10 MeV. The resulting gamma-rays were investigated using prompt and delayed gamma-gamma-coincidence equipment. The half-life of the isomeric 2 § level was determined as 2.2 __ 0.1 gs. The partial level scheme, including numerous previously unidentified excitations, can be divided into two separate groups of levels. The results provide evidence for the existence of a very regular ground band and two rather regular K=3 level structures, whose configurations are closely related to it. In addition, several rotational sequences built on the band heads with other K values have been deduced. Our interpretation of the level scheme disagrees with the previous conclusion that the N = 91 nucleus 154Eu might have a stable deformation only in its ground state configuration.