The 2014–15 Toronto Raptors season was the 20th season of the franchise in the National Basketball Association (NBA).^[1] In honor of the Raptors 20th season, they revealed the throwback purple "dino" jerseys to wear on several nights. The Raptors repeated as Atlantic Division champions for the first time in franchise history, and finished in fourth place in Eastern conference, winning 49 games during the regular season, breaking their franchise record of 48 wins in the previous season. Despite this achievement, the fourth-seeded Raptors were unexpectedly swept in the opening round of the playoffs by the fifth-seeded Washington Wizards as they extended their post-season series victory drought. Their all-time playoff series record dipped to one and seven, now having lost their last six consecutive series, and their lone series win coming in 2001 against the Knicks. This year's defeat was primarily blamed on the team's poor defense which was notably exploited by the Wizards.

The Raptors took advantage of a favourable early schedule to reach the top spot in the Eastern Conference for the first time in franchise history as well as having the best start in franchise history with a 9–2 record. They briefly fell back to second after a loss to the Chicago Bulls, but regained the number one position one game later, which was followed by six-game winning streak. The Raptors remained as Eastern Conference leaders, but on November 28, 2014, the Raptors not only lost their position as NBA-leaders in a 106–102 loss to the Dallas Mavericks that dropped them to a 13–3 record but also faced a major setback when All-Star DeMar DeRozan tore his left adductor longus tendon in the third quarter of the game. This was followed by another loss to the Los Angeles Lakers in overtime two nights later when Kobe Bryant recorded his first triple double of the season defeating the Raptors 129–122. The Raptors also fell to the Cleveland Cavaliers in back-to-back games before entering a six-game winning streak without DeRozan. However, things began to fall apart after a six-game road trip during the winter holidays where they lost 4 of those 6 games as poor defense led to a 2–8 record in their first ten games in January. The downfall dropped the team from first place to the Atlanta Hawks and found themselves battling for second with the Washington Wizards as DeRozan returned to the lineup on January 14. On January 22, Kyle Lowry was named as a starter for the 2015 NBA All-Star Game after a last-minute voting rally by fans with help by Canadian Prime Minister Stephen Harper and celebrity Justin Bieber (who tweeted his support on Twitter but failed to include '#NBAballot' in his tweet) helped Lowry overtake Dwyane Wade who was second in the backcourt votes. This makes him the third Raptor to start in the all-star game after Chris Bosh and Vince Carter. The Raptors ended the month of January on a positive note with a six-game winning streak which included back-to-back overtime victories to the Brooklyn Nets and Washington Wizards however, struggled in February as the Raptors went 4–7. The rest of the season represented a decline for the Raptors as they won just 13 of 29 games after the all-star break and all-star point guard Lowry averaged 15.3 PPG while struggling with back spasms in the latter part of the season. Despite the lows, the Raptors finished once again as Atlantic Division Champions finishing with a franchise-high 49 wins while clinching the fourth seed.

The Raptors faced off against the Wizards in the opening round of the playoffs where they once again faced Paul Pierce who faced the Raptors in the previous year with the Brooklyn Nets where he blocked a potential game-winning shot by Lowry. Much of the anticipation for the playoffs were created by Pierce who stated that the Raptors 'did not have it' which disgruntled many Raptor fans.