The 1991–92 NBA season was the Charlotte Hornets' fourth season in the National Basketball Association. With the top overall pick in the 1991 NBA draft, the Hornets selected UNLV star Larry Johnson. Under new head coach Allan Bristow, the Hornets would get off to a slow start losing 8 of their first 9 games. At midseason, Rex Chapman was traded to the Washington Bullets as the Hornets would get stronger winning 9 of 13 games in February, on their way to finishing sixth in the Central Division with a record of 31 wins and 51 losses, a five-game improvement over the previous season. Johnson averaged 19.2 points and 11.0 rebounds per game, as he went on to win the 1992 NBA Rookie of the Year Award. Second-year star Kendall Gill led the team in scoring with 20.5 points per game. The Hornets led the NBA in attendance for the third time in four seasons.

Waived Randolph Keys.

Signed Anthony Frederick as a free agent.

Signed Scott Haffner as a free agent.

Waived Scott Haffner.

Claimed Greg Grant on waivers from the Indiana Pacers.

Waived Kevin Lynch.

Signed Elliot Perry as a free agent.

Waived Greg Grant.

Signed Tony Massenburg as a free agent.

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