The 1991–92 NBA season was the 46th season of the National Basketball Association. The season ended with the Chicago Bulls winning their second straight NBA Championship, beating the Portland Trail Blazers 4 games to 2 in the NBA Finals. This was Larry Bird's final season as a player in the NBA.

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• The game clock and shot clock combo was introduced as of today.
• Magic Johnson of the Los Angeles Lakers announces his retirement early in the season after receiving the news that he had tested positive for HIV.
• The Philadelphia 76ers' Charles Barkley honored Johnson by switching from his usual number 34 to 32, which he wore for the entire season. The 76ers had retired the number in honor of Billy Cunningham, who un-retired it for Barkley to wear.
• Due to back problems, Boston Celtics star Larry Bird retires at the end of the season, and since Bill Russell vs. Wilt Chamberlain it brings one of the most memorable eras in NBA history (Magic vs. Bird) to a close.
• After a season in the Western Conference's Midwest Division, the Orlando Magic move back to the Eastern Conference, playing in the Atlantic Division. The 27 teams of the NBA would remain in the same four divisions until 2004, when the league would realign into six divisions.
• The 1992 NBA All-Star Game was played at the Orlando Arena in Orlando, Florida, with the West defeating the East 153–113. In an emotionally charged game, Magic Johnson wins the game's MVP award.
• In the wake of the 1992 Los Angeles riots, the Los Angeles Lakers and Los Angeles Clippers rescheduled and relocated their home first-round playoff games. Game 4 of the Lakers-Blazers series was played at Thomas & Mack Center in Las Vegas, while Game 4 of the Clippers-Jazz series was played at the Anaheim Convention Center.
• Luc Longley, drafted by the Timberwolves, becomes the first Australian to play in the NBA. He would later play in three Bulls championship teams.
• Larry Brown became the first to coach two different NBA teams in a single season after resigning from the San Antonio Spurs to coach the Los Angeles Clippers. Brown led the Clippers to the team's first winning season since their relocation to Los Angeles in addition to ending their fifteen-year playoff drought.
• The season marked the last time the Boston Celtics would win 50 games (they won 51) until the 2008 season.
• Following the first round loss to the New York Knicks, Detroit Pistons head coach Chuck Daly resigned, ending the Pistons' "Bad Boys" era.
• On December 17, the Cleveland Cavaliers crushed the Miami Heat by a score of 148–80. This 68-point win by the Cavaliers stood as a record for nearly three decades until the Memphis Grizzlies defeated the Oklahoma City Thunder by 73 points 152–79 on December 2, 2021.
• Run TMC, consisting of Golden State Warriors players Tim Hardaway, Chris Mullin and Mitch Richmond, was disbanded when Richmond was traded to the Sacramento Kings for Billy Owens.
• The Utah Jazz played their first season at the Delta Center (now Vivint Arena).
• The Phoenix Suns played their final season at the Arizona Veterans Memorial Coliseum.
• The Chicago Bulls set a franchise record with 67 wins in a season (later broken by the 1996 team).
• The NBA Finals and Stanley Cup Finals both had their games played in Chicago, causing a potential scheduling conflict with each other. However, this was rendered moot as the Blackhawks were swept in four games by the Pittsburgh Penguins, who ended up winning their second consecutive Stanley Cup.
• Dennis Rodman recorded 1,530 rebounds and averaged 18.7 rebounds per game in the regular season, both of which were the highest figures since 1972.^{[citation needed]} It is the first of an NBA record seven consecutive rebounding titles for Rodman.
• Michael Jordan scored 35 points in the first half of Game 1 of the 1992 NBA Finals, setting records for most points in a Finals half and most three-pointers in a half (six) until the latter was broken by the Houston Rockets' Kenny Smith (seven) in 1995. He also set a new NBA record for the most times a player has won a championship and led the league in scoring in the same season.^[1]
• The Miami Heat were the first of the four late 1980s expansion franchises to make it to the playoffs, but were swept in the first round by the Bulls.
• The Milwaukee Bucks failed to qualify for the playoffs for the first time since 1978-79.
• All NBA teams sported patches on their warmups commemorating basketball's centennial anniversary.

• The New Jersey Nets changed their road uniforms to a darker blue color.
• The Philadelphia 76ers changed their uniforms, adding stars to their jerseys.
• The Portland Trail Blazers changed their logo and uniforms.
• The Utah Jazz moved into the Delta Center.