The 2002–03 NBA season was the Rockets' 36th season in the National Basketball Association, and 32nd season in the city of Houston. This was their final season playing at the Compaq Center. The Rockets won the Draft Lottery, where they selected 7'6" Chinese sensation Yao Ming with the first overall pick in the 2002 NBA draft. In December, the Rockets acquired James Posey from the Denver Nuggets in a three-team trade which sent Kenny Thomas to the Philadelphia 76ers. This season was also head coach Rudy Tomjanovich's last as he would step down following the season due to health issues. With Yao teamed up with captain Steve Francis, they gelled their first season together, being named as starters for the 2003 NBA All-Star Game. On January 17, 2003, Francis gained national media attention, scoring a career-high 44 points in a home game against the Los Angeles Lakers. The Rockets would go on to finish the season with a 43–39 record without clinching a playoff spot, although they improved on last season, where they won just 28 games.

Following the season, Posey signed as a free agent with the Memphis Grizzlies, and Glen Rice was traded to the Utah Jazz, but was released and signed with the Los Angeles Clippers.

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