The 1991-92 NBA season was the Bullets' 31st season in the National Basketball Association. During the offseason, the Bullets re-acquired Michael Adams from the Denver Nuggets. The Bullets endured prolonged losing streaks in almost every month, as they traded Tom Hammonds midway through the season to the Charlotte Hornets for Rex Chapman, who only played in the final game of the season due to injuries. The Bullets lost 15 of their final 18 games finishing sixth in the Atlantic Division with a 25–57 record. Pervis Ellison was named Most Improved Player of The Year averaging 20.0 points, 11.2 rebounds and 2.7 blocks per game. Adams was selected for the 1992 NBA All-Star Game, and rookie Larry Stewart became the first undrafted player to make an All-Rookie Team, being selected to the 2nd Team.

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