The 2014–15 Houston Rockets season was the 48th season of the franchise in the National Basketball Association (NBA), and the 44th in the Houston area. The Rockets finished the regular season with a 56–26 record, the third best in franchise history. They also won their first ever Southwest Division title and first Division crown since 1994. The Rockets beat the Dallas Mavericks 4–1 in the first round, advancing to the Western Conference Semifinals for the first time since 2009. They beat the Los Angeles Clippers in seven games after trailing the series 1–3, advancing to the Western Conference Finals for the first time since 1997. They became just the ninth team in NBA history to come back from such a deficit – and currently the only franchise to do so twice. The Rockets' season ended with a 1–4 loss in the Western Conference Finals to the Golden State Warriors.

^‡Traded mid-season ^‡‡Waived during season

The Rockets had a busy offseason, trading away key contributors Jeremy Lin and Ömer Aşık in July to clear cap space. Houston was after marquee free agents such as LeBron James, Chris Bosh, and Carmelo Anthony, but struck out on all three of those players. The Rockets also let Chandler Parsons, another key contributor from the previous season, sign with the Dallas Mavericks in July, declining to match the hefty offer sheet Parsons received from Dallas. The Rockets would eventually make up for these losses throughout the summer and regular season. As part of the Aşık deal, the Rockets received Trevor Ariza from the Washington Wizards in a sign and trade. Ariza replaced Parsons as the team's starting small forward. In September, the team traded for Jason Terry, a former sixth man of the year with the Mavericks. Terry provided veteran leadership and a spark off the bench for the Rockets. In December, the Rockets acquired Corey Brewer and Josh Smith, who both added significant depth to the roster. At the trade deadline in February, the Rockets acquired Pablo Prigioni and K. J. McDaniels in two separate deals.

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