Greed was the final pay-per-view event (PPV) from World Championship Wrestling (WCW) that replaced the promotion's March PPV event Uncensored which was held from 1995 to 2000. It took place on March 18, 2001 from the Jacksonville Memorial Coliseum in Jacksonville, Florida. The pay-per-view event took place eight days before the final episode of Monday Nitro and three days before the final episode of Thunder.

In 2014, all WCW pay-per-views were made available on the WWE Network.

The main feud heading into Greed was between Scott Steiner and Diamond Dallas Page over the WCW World Heavyweight Championship. At SuperBrawl Revenge, Steiner defeated Kevin Nash in a Retirement match to retain the World Heavyweight Championship and Nash was forced to retire. On the following nights episode of Monday Nitro, Steiner alongside members of The Magnificent Seven held a memorial service for Nash as well and listing down Superstars that Steiner defeated to retain his title. Steiner then revealed his next target to beat by revealing Kanyon out of a casket dressed as Diamond Dallas Page, with Kanyon having defeated Page at SuperBrawl Revenge the previous night. DDP then interrupted Steiner and accepted his challenge to a match at Greed with Steiner's title on the line. Later that night, DDP defeated Kanyon in a rematch before escaping through the crowd when Steiner attempted to attack him with a lead pipe.

On March 23, 2001, World Wrestling Federation owner Vince McMahon purchased WCW, acquiring the company's assets including TV footage and some of the signed wrestlers contracts.

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