The 2007–08 Portland Trail Blazers season was their 38th season in the NBA. The season saw the team draft Greg Oden, but he would miss his rookie campaign due to a knee injury that required microfracture surgery.

Key dates prior to the start of the season:

The Trail Blazers were busy on draft day, making three trades. The first trade was with the Philadelphia 76ers. The Blazers traded second-round pick Derrick Byars and cash to the Sixers in exchange for Finnish point guard Petteri Koponen. The next trade was with the New York Knicks. The Blazers traded Dan Dickau, Fred Jones, and Zach Randolph to the Knicks for Steve Francis and Channing Frye. The last trade was also with the Knicks. The Blazers traded Demetris Nichols to the Knicks for a 2008 second-round pick (Ömer Aşık was later selected).

On July 11, the Blazers waived Steve Francis. They also traded cash to the Phoenix Suns for Rudy Fernández and James Jones. Fernández would not be on the team's roster during the season, but would join the team the following season. He would be selected to the NBA All-Rookie Second Team and would set the record for most three-point field goals made by a rookie (159). This season would be Jones's only season with the Blazers.

On July 13, the Blazers signed Steve Blake. This marked Blake's return to the Trail Blazers (he played for them during the 2006 season). This tenure would also be his longest with the Blazers, spanning from 2007 to 2010.

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