The United States won the gold against Yugoslavia in the men's tournament, while the Soviet Union won the gold medal against the United States in the women's competition.

Automatic qualifications were granted to the host country for both events plus the three medal winners from the previous Olympic Games for the men's tournament, and the three first places at the 1975 FIBA World Championship for the women's tournament.

The remaining slots for the women's competition were also assigned via another tournament held in the same city.

The Soviet Union and the United States, two of the powerhouses at this tournament, finished the preliminary round undefeated.

Egypt played only one match, against Czechoslovakia, and then flew home supporting the boycott of several African countries.