This series marked the first time that two former World Hockey Association teams played against each other for the Stanley Cup since they merged with the NHL in 1979.

In Game 1, Carolina tied the biggest comeback in Stanley Cup finals history, overcoming a three-goal deficit to win 5–4.

The Hurricanes jumped ahead 4–3 on a shorthanded breakaway goal by Justin Williams, but Edmonton's Ales Hemsky scored on a power play to tie the game with 6:29 remaining.

Late in the final period, Oilers goaltender Dwayne Roloson suffered a series-ending knee injury in a collision and was replaced with Ty Conklin.

It was the first time three goaltenders had been used in the Stanley Cup Finals since May 1970, when the St. Louis Blues employed Jacques Plante, Glenn Hall and Ernie Wakely on their way to being swept by the Boston Bruins.

The Hurricanes responded midway through the third period with their captain, Rod Brind'Amour, taking a rebound off a blocked shot past Markkanen.

However, with 2:15 left in the game, Edmonton's Ryan Smyth scored the winning goal after crashing into Ward inside the crease as they both tried to get control of a rebound off of a shot by Ales Hemsky.

Once again Edmonton's power play was ineffective, failing to capitalize on five chances, including a two-man advantage in the first period.

With 7:47 remaining in the third period, Whitney missed what might have been the Hurricanes' best chance to win the series with a shot that just hit the post.

The game went to overtime, where Steve Staios drew a penalty early in the period to put the Hurricanes on the power play.

Fernando Pisani picked off a cross-ice pass from Cory Stillman and streaked in short-handed to beat Cam Ward top right corner (glove side) with a left-handed shot to score the first short-handed overtime goal in finals history, giving the Oilers the upset win.

Despite the emotional boost of Carolina winger Erik Cole returning to the ice for the first time since breaking his neck in March, Edmonton dominated for the entire 60 minutes.

Williams skated down the length of the ice and tapped the puck into the empty net, sealing the Stanley Cup for the Hurricanes.

The Hurricanes were the last team to win Game 7 of the Stanley Cup Finals at home until the Florida Panthers did so in 2024, coincidentally against the Oilers as well.

He had played close to 1,500 regular season and playoff games before winning the Cup, the longest such drought in the NHL.

Other notable veterans to win their first Cup were Rod Brind'Amour, Doug Weight, Ray Whitney and Bret Hedican.

He would later retire a Stanley Cup winner with the 2011 Boston Bruins, where he teamed up with Frantisek Kaberle's brother Tomas.

The Hurricanes became the third former World Hockey Association franchise to win the Stanley Cup, following the Oilers and Quebec Nordiques, who won as the Colorado Avalanche in 1996 and 2001.

The Oilers were not able to complete their Cinderella run, having entered the playoffs seeded eighth, denying General Manager Kevin Lowe and Head Coach Craig MacTavish from joining Lester Patrick and Frank Boucher as the only duos to win the Stanley Cup together as players and then as a coach-managerial team, as the two were with the Oilers as players in 1987, 1988 and 1990 and the New York Rangers in 1994.

The following Hurricanes players and staff had their names engraved on the Stanley Cup 2005–06 Carolina Hurricanes Nine players remained from the 2002 Carolina team that lost in the finals – Craig Adams, Kevyn Adams, Rod Brind'Amour, Erik Cole, Bret Hedican, Josef Vasicek, Niclas Wallin, Glen Wesley, Aaron Ward.