The team played its home games at Simon Skjodt Assembly Hall in Bloomington, Indiana, as a member of the Big Ten Conference.

The season officially began with the annual event, Hoosier Hysteria (featuring Gucci Mane), on Friday, October 20, 2023.

[1] On November 1, 2023, legendary Hall of Famer IU men's basketball coach Bob Knight died at the age of 83.

In remembrance of his excellence and many contributions to the program, the sport, and the university, the men's team donned "RMK" patches with three stars arced above on their home and away jerseys for every game this season.

On May 23, 2023, it was announced that Hoosier legend, Calbert Cheaney, would be returning to the men's basketball staff as the new Director of Player Development.

[13] A third addition from the transfer portal came on April 29, 2023 when Anthony Walker from the 2023 Final Four Miami (FL) Hurricanes committed to Indiana.