He played college football for the Oklahoma State Cowboys, where he was a unanimous All-American, named the Big 12 Offensive Player of the Year and won the Jon Cornish Trophy in 2019.

[8][9] Despite speculation that he would declare for the 2020 NFL draft after this season, Hubbard announced that he would return to school for his redshirt junior year.

[15] He was also selected by the Calgary Stampeders in the fifth round (43rd overall) of the 2021 CFL Draft before signing a four-year contract, worth $4.2 million, with the Panthers on May 6, 2021.

Hubbard assumed the starting position in Week 6 against the Miami Dolphins when Sanders was ruled out and carried the ball nineteen times for 88 yards and a touchdown, the best performance by a Panthers running back in the season.

In the Panthers' Week 17 loss to the Jacksonville Jaguars, Hubbard reached 1,000 scrimmage yards for the first time in his NFL career.

[23] In the Panthers' Week 12 loss to the Kansas City Chiefs, Hubbard reached 1,000 scrimmage yards for the second straight season.