The tournament was organised by the International Basketball Federation (FIBA), and hosted in Greece from 29 July to 9 August 1998.

It was contested by 16 nations, with matches held at two venues, in Athens and Piraeus.

Because of the National Basketball Association lockout and unlike in the previous championship, the USA Basketball Association was unable to send a team composed of NBA players, thus causing the American national team roster consisting of professional basketball players playing in Europe and two college players.

Canada Greece Italy Senegal Japan Puerto Rico Russia Yugoslavia Brazil Lithuania South Korea United States Argentina Australia Nigeria Spain The top three teams in each group advance to the second round, into either Group E or F. The fourth place team in each group moves onto the 13th–16th classification.

The final standings also take in account the results of previous round matches.