The 2007–08 Phoenix Suns season was their 40th season in the National Basketball Association (NBA). The season was seen as the end of the "Seven Seconds or Less" era, after four-time All-Star Shawn Marion was traded midseason to the Miami Heat for big man Shaquille O'Neal. The Suns failed to advance past the first round of the playoffs for the first time since re-signing Steve Nash in 2004, leading to the departure of head coach Mike D'Antoni.

Forward Shawn Marion was set to earn $36 million over the next two seasons, putting the Suns over the salary cap next season and fueling speculations that he, one of the key Suns, may be traded during the offseason.

On June 6, former TNT analyst and NBA three-point specialist Steve Kerr was appointed Suns' General Manager and President of Basketball Operations. Kerr is close to team owner Robert Sarver and University of Arizona head men's basketball coach Lute Olson (Kerr's college coach); Kerr was also a part of the Sarver-led investment group that purchased the franchise from Jerry Colangelo.

On June 28, 2007, Spanish guard Rudy Fernández was taken 24th overall in the 2007 NBA Draft by the Suns, who subsequently traded the rights to the pick to the Portland Trail Blazers for cash. SF Alando Tucker of Wisconsin was taken with the 29th pick.

On July 5, 2007, the Suns came to an agreement with former Orlando Magic SF Grant Hill on a one-year $1.8 million deal with a player option for a second season at $2 million. In August 2007, Hill and his wife, R&B vocalist Tamia, purchased a home worth $3.78 million in the exclusive upscale community of Paradise Valley, adjacent to Scottsdale and home to several prominent local residents, including many star players for the Suns, Diamondbacks and the other local sports franchises.

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