The Model 1854 is a modern revival of Smith & Wesson's Volcanic series of lever-action rifles. The rifle features a flat trigger design favored by competition shooters to aid in more consistent trigger finger placement that is combined with a large loop lever for easier manipulation while wearing gloves. The magazine tube is also removable to allow for quick and safe unloading of the firearm and is paired with a loading gate for quick reloading during use. These features are combined with a threaded barrel and top-mounted 1913 Picatinny rail for quick and easy attachment of muzzle devices and optics.

This model features a 19.25-inch barrel and is chambered in .44 Magnum. The rifle features a full set of walnut wood furniture with textured grip panels for better grip and comfort along with Smith & Wesson's standard Armonite finish on the receiver and barrel.