The Gamow-Teller transition strengths, B(GT), in pf-shell nuclei are of interest in nuclear physics as well as in nuclear astrophysics. A high-resolution (3He,t) charge-exchange reaction was performed on the Tz=+1 nucleus 54Fe at 0 deg and at an intermediate incident energy of 140 MeV/nucleon for the study of precise GT transition strengths to the final Tz=0 nucleus 54Co. By applying dispersion matching techniques for a high-quality 3He beam at RCNP, an energy resolution of 21 keV and an angular resolution of 5 mr were realized. Excitation strengths were obtained for the observed GT states. The results were compared with a shell-model calculation using the GXPF1 interaction and with B(M1) strengths measured in the 54Fe(e,e′)54Fe reaction. In the M1 excitation using an electromagnetic probe, isoscalar (IS) and isovector (IV) orbital type operators are active in addition to the IV spin type operator that mediates the GT transitions. The contributions of the IS and IV orbital terms were studied by calculating the ratio of the strengths of analogous M1 and GT transitions.