The Lakers entered the series as the defending champions, having defeated the Knicks in the 1972 NBA Finals. This was the first finals rematch since the Celtics and Lakers met in 1968 and 1969. As of 2009, this was the last time the Knicks won an NBA championship. The Knicks made the NBA Finals in 1994, losing to the Houston Rockets.
Willis Reed won NBA Finals MVP honors after also winning the award for the 1970 NBA Finals. Reed averaged 16.4 points and 9.2 rebounds in the series.
The Knicks didn't have home-court advantage for the finals, which were played under the 2-2-1-1-1 format. The two teams split their four regular-season meetings, with each team winning once at home and once on the road.
| Team | Knicks | Lakers |
| Regular Season | 57-25, 2nd in Atlantic Division | 60-22, 1st in Pacific Division |
| Conference Semifinals | Def. (2) Baltimore Bullets, 4-1 | Def. (3) Chicago Bulls, 4-3 |
| Conference Finals | Def. (1) Boston Celtics. 4-3 | Def. (4) Golden State Warriors, 4-1 |
Jerry West did the damage early, outscoring Walt Frazier 19-2 in the first half, but foul trouble hurt West in the second half and he finished with 24 points. Gail Goodrich had a game-high 30 points. Dave DeBusschere led the Knicks with 25 points and 16 rebounds.
Wilt Chamberlain was held to 5 points, although he did grab 20 rebounds. The Lakers wasted a 58-43 rebounding advantage by missing 13 free throws and turning the ball over 19 times. The Knicks also got a lift from reserve Phil Jackson, who had 17 points.
Jim McMillian led the Lakers with 22 points, but the story for the Lakers was 5 points and 13 rebounds from Wilt Chamberlain. Reed led the Knicks with 22 points, and Earl Monroe added 21 points, 9 in the final quarter.
DeBusschere led the Knicks with a game-high 33 points and 14 rebounds while Willis Reed had 21 points and 11 rebounds. Jerry West and Gail Goodrich each had 23 points. Wilt Chamberlain had 13 points and 19 rebounds.
The Lakers had a 2-point lead at the half, but the Knicks outscored the Lakers 32-18 in the third quarter, forcing 12 Lakers turnovers in the quarter. The Knicks again had to scramble to hold on to the lead. Dave DeBusschere left with an injury, and the Lakers used an 11-5 run to close the gap to 84-80. The lead was 95-91 with 1:04 to play, but New York scored 7 of the game's final 9 points.
Earl Monroe led the Knicks with 23 points and got his first NBA championship. Gail Goodrich led the Lakers with 28 points, while Wilt Chamberlain added 23 points and 21 rebounds.



