They were led by interim head coach Rodney Terry and played their home games at the Moody Center in Austin, Texas as members of the Big 12 Conference.

2 seed in the Midwest Region, where they defeated Colgate, Penn State, and Xavier to reach the Elite Eight, their first appearance since 2008.

On December 12, 2022, head coach Chris Beard was suspended without pay after an early morning arrest for third-degree felony domestic assault on his fiancée.

On January 5, 2023, Beard was officially terminated by Texas athletic director Chris Del Conte; Terry continued as acting head coach for the remainder of the season.

[4] On March 27, 2023, Terry was named the permanent full-time head coach for the Longhorns following their impressive run to the Elite Eight in the 2023 NCAA tournament.

Additionally, Jaylon Tyson and Tre Mitchell suddenly departed the team mid-season, and Texas lost their last 2 games of the regular season with an early exit in the Big 12 tournament, being eliminated in the first round by TCU 60–65.