The Wolverines were led by 2014 Consensus All-American and Big Ten Conference Men's Basketball Player of the Year Stauskas, a unanimous first-team All-B1G selection.

[12] The previous season's roster had five seniors: forward Blake McLimans and guards Eso Akunne, Josh Bartelstein (captain), Corey Person and Matt Vogrichguard.

[16] Walton was runner-up in the 2013 Mr. Basketball of Michigan by a 2130–2086 margin to Iowa State signee Monte Morris, despite one more first-place vote.

[19] Walton and Irvin were 2013 Parade All-American honorees,[20] and were named state Boys Basketball Gatorade Player of the Year.

With the expectation that most of the talented players from the previous season (Burke, Robinson, Hardaway and McGary) would enter the draft, Michigan was not projected as a ranked team by ESPN.

[54] In June 2013, Sporting News' Mike DeCourcy named McGary and Robinson as the best and fourth-best players at their respective positions (center and small forward) for the upcoming season.

[59][60] A poll of Big Ten beat writers also selected Michigan to edge out Ohio State for second place.

[76] The September 6 Sporting News announcements included a number-seven ranking for Michigan,[64] with concern about Walton's ability to replace national Player of the Year Burke.

[77] Later that month the team was ranked eighth by USA Today,[74] and the Blue Ribbon College Basketball Yearbook made Michigan ninth in its preseason poll.

[83] The team held an open practice on October 21,[84] and the University of Michigan hosted its on-campus media-day press conference three days later.

[87] For the second exhibition game on November 4, against Wayne State at Crisler Center, the Big Ten Network scheduled its first live Student U closed-circuit telecast.

The game followed a ceremony in which the team raised a banner to the rafters to celebrate its 2013 NCAA tournament regional championship and national runner-up finish.

[90][91] On November 12, against South Carolina State, Michigan opened a 59–23 lead at halftime by making 12 of 19 three-point attempts and won 93–59.

Stauskas and LeVert set career highs in points, combining to make 11 of 13 from the three-point line, and Horford added a career-high 15 rebounds.

[94][95] The Wolverines defeated Long Beach State in the first round of the 2013 Puerto Rico Tip-Off on November 21, as Michigan set a tournament record by making 14 three-point shots.

"[103] Leading scorer Stauskas sat out the November 29 game against Coppin State, but with 24 points from freshman Zak Irvin Michigan won 87–45; McGary and Morgan made their first starts of the season.

[108] The Wolverines defeated Houston Baptist by 54 points on December 7, the widest victory margin of the John Beilein era, tying the 2008–09 and the 2010–11 team records of 16 three-point shots in a game.

Irvin posted 12 points (on four of eight three-point shots) and six rebounds,[117] sharing Freshman of the Week honors with Noah Vonleh on December 23.

[122][123] After winning two games by a combined 50 points last year, Michigan beat Northwestern 74–51 to mark its sixth straight victory over the Wildcats.

[124] The team gave Nebraska its first loss in the new Pinnacle Bank Arena on January 9,[125] its first five-game win streak since the 2013 NCAA tournament.

[150][151][152] Stauskas was also named the Oscar Robertson National Player of the Week by the United States Basketball Writers Association (USBWA) on January 28.

[157][158] On February 8 the Wolverines played poorly against (#17, #13)[159] Iowa, losing 85–67 and surrendering the most points in a non-overtime game since December 12, 2007 (against Oakland).

[182] The Wolverines defeated Illinois 64–63, after losing a 13-point second-half lead and getting a game-winning basket with 7.9 seconds remaining from center Jordan Morgan.

[184] On March 15 the Wolverines defeated (#24, 24)[185] Ohio State 72–69, Michigan's 12th consecutive win in games decided by single digits.

[152][153] Stauskas was one of four Big Ten players (with Keith Appling, Gary Harris and Roy Devyn Marble) named to the 30-man Naismith College Player of the Year midseason watchlist,[205][206] and John Beilein was one of ten finalists for the United States Basketball Writers Association's Henry Iba National Coach of the Year Award.

Caris LeVert was a second-team All-B1G selection, and Glenn Robinson III received an honorable mention from coaches and the media.

[229][230] Talks about the 2014 NBA draft began awkwardly when Paul Stauskas told Sports Illustrated about his son, Nik: "He knows all he has to do is keep his nose to the grindstone for another couple of months, and there's a really good possibility he might be able to go pro.

[236] In an April 15 joint press conference on the Big Ten Network,[237] Robinson and Stauskas announced that they were declaring their eligibility for the NBA draft.

[238] When he learned that he had tested positive for marijuana after the Sweet Sixteen victory over Tennessee and was facing a one-year suspension, McGary also entered the draft.

[244] Jordan Morgan graduated after using all his eligibility, signing as an undrafted free agent to play with the Minnesota Timberwolves in the July 2014 NBA Summer League.