A canola line designated SCV354718 is disclosed. The invention relates to the seeds of canola line SCV354718, to the plants of canola SCV354718, to plant parts of canola line SCV354718 and to methods for producing a canola plant produced by crossing canola line SCV354718 with itself or with another canola line. The invention also relates to methods for producing a canola plant containing in its genetic material one or more transgenes and to the transgenic canola plants and plant parts produced by those methods. This invention also relates to canola lines or breeding lines and plant parts derived from canola line SCV354718, to methods for producing other canola lines, lines or plant parts derived from canola line SCV354718 and to the canola plants, varieties, and their parts derived from use of those methods. The invention further relates to hybrid canola seeds, plants and plant parts produced by crossing the line SCV354718 with another canola line.