The 1962–63 Illinois Fighting Illini men's basketball team represented the University of Illiniois.

Downey also set the school record for points in a game, which still stands, with 53 in a road loss to Indiana on February 16, 1963.

Illinois was a game back of first place in the league standings with only two games remaining when the Assembly Hall opened its doors on March 4, 1963.

After Illinois edged Iowa, 73-69, in the last game of the season, the Fighting Illini would need an overtime loss two hours later by the Buckeyes at Indiana to share the title.

During the season the Illini would win the Eastern College Athletic Conference Holiday Festival and make the Elite Eight of the 1963 NCAA Men's Division I Basketball Tournament, losing to eventual champion Loyola (Chicago).