Basketball contests at the 1968 Summer Olympics was the seventh appearance of the sport of basketball as an official Olympic medal event.

The United States defeated Yugoslavia to win their seventh consecutive gold medal in this sport, while the Soviet Union earned the bronze against Brazil.

The Americans' record of seven basketball gold medals in a row was matched by their women's team in 2021 when they won the 2020 Olympics.

Automatic qualifications were granted to the host country and the first five places at the previous tournament.

Both group leaders, the United States and the Soviet Union advanced undefeated to the knockout stage.