The preseason Missouri Valley Conference Coaches' Poll picked the Bulldogs to finish ninth.

It is also noteworthy that Drake only returned one starter from the 2006–07 team that won 17 games, namely shooting guard Josh Young.

[2] Drake's starters were so lightly regarded on paper that ESPN.com reporter Adam Rittenberg remarked just before the 2008 NCAA tournament that they "not long ago looked better suited for the scout team than the starting lineup":[3] On November 9 and 10, Drake competed in the Saint Mary's Tip-Off Classic.

They defeated UC San Diego and lost to Saint Mary's College in the championship game.

[7] On December 1, 2007, Drake won the Iowa Realty Invitational with victories over North Carolina Central and Duquesne.

With the Bulldogs' 71–68 win over Evansville on January 6, 2008, they set a new Drake record for the best start in school history with a 12–1 mark.

[12] On January 7, 2008, Drake received its first vote of the year in the USA Today/ESPN Top 25 coaches poll.

On January 14, 2008, Drake received 17 points in the USA Today/ESPN Top 25 coaches poll which had them ranked 30th.

[17] On January 21, 2008, Drake received 92 points in the USA Today/ESPN Top 25 coaches poll which had them ranked 23rd.

On January 28, 2008, Drake received 220 points in the USA Today/ESPN Top 25 coaches poll, which had them ranked 17th.

On February 4, 2008, Drake received 334 points in the USA Today/ESPN Top 25 coaches poll, which had them ranked 15th.

[39] On April 7, 2008, Drake received 117 points in the USA Today/ESPN Top 25 coaches poll which had them ranked 23rd.

On March 8, 2008 Drake set a new school record for wins in a season with its semifinal victory over 4th seeded Creighton.

On March 9, 2008 Drake won their first ever Missouri Valley Conference tournament with a 79–49 victory over Illinois State.

The Bulldogs were well represented on the MVC postseason honors list: In the 2008 NCAA tournament 5th-seeded Drake took on the 12th-seeded Western Kentucky Hilltoppers.