The 1991–92 NBA season was the 22nd season for the Portland Trail Blazers in the National Basketball Association. After losing three of their first four games, the Blazers would quickly recover as they continued to lead the way in the West posting a 57–25 record, earning their second straight Pacific Division championship and 10th consecutive trip to the NBA Playoffs. Clyde Drexler led the way averaging 25.0 points per game while being named to the All-NBA First Team, selected for the 1992 NBA All-Star Game, and finishing a distant second to Michael Jordan in the MVP ballot.

The Blazers began their postseason run by defeating the Los Angeles Lakers 3–1 in the first round, eliminating the Lakers for the first time since Portland's championship season of 1977; the Lakers had beaten the Blazers in four playoff series since then, including most recently the 1991 Western Conference Finals. The Blazers proceeded to defeat the Phoenix Suns 4–1 in the second round and Karl Malone's Utah Jazz 4–2 in the Western Conference Finals, earning their second trip to the NBA Finals in three years, and a matchup with the defending champion Chicago Bulls.

The Blazers' dream of winning their second NBA title, however, was stifled by the Michael Jordan and Scottie Pippen-led Bulls, who defeated the Blazers 4–2 and won their second straight NBA title. Following the season, Danny Ainge signed as a free agent with the Phoenix Suns.

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