The 2023–24 Penn State Nittany Lions basketball team represented Penn State University during the 2023–24 NCAA Division I men's basketball season.

They were led by first-year head coach Mike Rhoades, and played their home games at Bryce Jordan Center located in University Park, Pennsylvania as members of the Big Ten Conference.

They defeated Illinois, Northwestern, and Indiana in the Big Ten tournament to advance to the semifinals before losing to Purdue.

They received an at-large bid to the NCAA tournament for the first time since 2011 as the No.

On March 22, 2023, head coach Micah Shrewsberry left the school to take the head coaching job at Notre Dame.