The team was led by 12th-year head coach Fran McCaffery and played its home games at Carver–Hawkeye Arena as members of the Big Ten Conference.

Despite winning 9 of its previous 10 games and boasting the second-best efficiency margin in Division 1 between February 1 and the start of the tournament, the Hawkeyes were upset by No.

[1] Sophomore forward Keegan Murray earned consensus First-team All-American honors, and established a new school record for points in a season.

Senior guard Jordan Bohannon ended the season with school-records of 639 assists and 364 three-point field goals (second in Big Ten history).

Senior guard Jordan Bohannon announced on April 26 that he would return to Iowa taking advantage of the extra year of eligibility from the NCAA due to the COVID-19 pandemic.