The 1998–99 FIBA Korać Cup was the 28th edition of FIBA's Korać Cup basketball competition.

The Spanish FC Barcelona defeated the Spanish Adecco Estudiantes in the final.

This was FC Barcelona's second time winning the title following a victory in 1987.

For the 1998–1999 FIBA Korać Cup, the countries are allocated places according to their place on the FIBA country rankings, which takes into account their performance in European competitions from 1995–96 to 1997–98.

[1] The labels in the parentheses show how each team qualified for the place of its starting round: Source: fibaeurope.com Sources:[2][3]