The Wolverines were led by fifth-year head coach Juwan Howard and played their home games for the 57th consecutive year at Crisler Center in Ann Arbor, Michigan.

[4][5][6] On March 23, 2023, freshman forward Jett Howard announced he would forgo his remaining eligibility and declared for the 2023 NBA draft.

[11] On April 11, graduate student Joey Baker announced he would sign with an agent and pursue a professional career.

[13] After much speculation, point guard Caleb Love originally committed to play his senior season at Michigan.

[15] On October 20, 2022, Michigan received its first class of 2023 commitment from four-star center Papa Kante.

[16] On November 1, 2022, Michigan received its second commitment of the 2023 class, four-star shooting guard George Washington III.

[17][18] On April 18, 2023, Kante announced that he requested a release from his National Letter of Intent (NLI) so he could re-open his recruitment.

Burnett scored all of his 21 points in the first half, shooting eight-for-eight from the field and four-for-four from three-point range.

Michigan jumped out to an early 23–7 lead and held Long Beach State to a three-minute scoring drought in the first half.

Michigan outrebounded Memphis 50–28, including 19 offensive rebounds, and scored 15 second-chance points.

After Michigan took a double-digit lead, they went on a three-minute scoring drought and did not make a field goal for eight minutes.

[26] The next day Michigan lost to Texas Tech 57–73 in the fifth-place game of the Battle 4 Atlantis.

Jaelin Llewellyn returned to the lineup for the first time since suffering a season-ending ACL tear against Kentucky on December 4, 2022, and posted two points in 10 minutes.

With the game tied at 83, Oregon's Jackson Shelstad made a deep three-pointer with 1.4 seconds remaining.

[28] On December 5, Michigan lost to Indiana 75–78 in its Big Ten Conference season opener.

Michigan trailed 35–37 early in the second half, before they responded with an 11–0 run to put the Wolverines ahead, a lead they never relinquished.

Despite not making a field goal throughout the entire first overtime period, Michigan took a three-point lead in the final minute behind eight free throws.

Florida held Michigan scoreless for more than three minutes during the second overtime while going on a 12–0 run to take a 102–93 lead.

Trailing 57–51 with 7:19 left in the second half, Rutgers went on a 14–0 run that spanned more than four minutes to put the Scarlet Knights ahead 65–57, a lead they never relinquished.

Freshman George Washington III played a career-high 18 minutes, posting three rebounds, an assist and a steal.

[46] On February 21, head coach Juwan Howard announced that Nkamhoua would miss the remainder of the season after undergoing surgery on his left wrist.

Burnett scored eight straight points during a lead-taking 10–2 Michigan run early in the second half.

Northwestern answered immediately with an 8–0 run to take a seven-point lead, and Michigan was unable to overcome the deficit.

With the loss, Michigan is guaranteed to finish in last place in the Big Ten Conference for the first time since the 1966–67 season.

Michigan led 16–14 at the media timeout at 14:35, but Nebraska went on an 8–0 run to give itself a six-point lead and maintained it for the remainder of the game.

Senior Jackson Selvala scored in a game for the second time in his career, converting on two free throws.

[53] On March 13, Michigan opened its 2024 Big Ten men's basketball tournament play with a 57–66 loss to Penn State in the first round.

Michigan tied the game up at 20 points each at the 4:27 mark, but Penn State went on a 10–0 run to take a 30-20 lead with two minutes remaining in the first half.

Despite holding Penn State without a field goal for nearly six minutes, Michigan made two of its final 13 shots and was unable to make a comeback.

[55] A day after the loss to Penn State in the Big Ten Tournament, Howard was fired after 5 seasons.