During the 1960s through mid-1980s, the Bulldogs were in the national rankings on a regular basis and the MVC was one of the premier conferences in men's basketball.

The Bulldogs, under Coach John, won the Missouri Valley Conference outright and advanced to the 1969 NCAA Tournament Final Four, finishing third.

During the tournament, Drake received a bye in the first round, defeated Texas A&M 81–63 in the Sweet Sixteen and Colorado State in the Elite Eight 84–77.

[7] In the 1969 NCAA Final Four, on March 20, 1969 in the National Semi-Final, Drake lost to UCLA with Kareem Abdul-Jabbar and Coach John Wooden 85–82.

Guard Willie McCarter put up a jumper from the left corner that ricocheted around the rim before falling into the hands of Drake forward Dolph Pulliam, who went straight back up with it.

"[12] In the 1969 NCAA 3rd-place game, the Bulldogs defeated Coach Dean Smith's ACC Champion North Carolina Tar Heels, with Charlie Scott convincingly, 104–84, behind 28 points from Willie McCarter.

[13][14] In the 1969–70 season once again captured the Missouri Valley Conference title and made their second straight NCAA tournament.

Earning a bye in the first round, Drake defeated Houston, with Coach Guy Lewis and Dwight Davis, 92–87.

There, Drake (21–8) defeated Notre Dame University with Austin Carr 79–72 in OT, then lost to Kansas 73–71 in the Midwest Regional Final.

Drake entered the MVC tournament with a 14–14 record; but fell to Illinois State 63–64 on a buzzer beating shot, ending the season 14–15.

After the successful 2007–08 season, Keno Davis accepted the head basketball coach position at Providence.

As a result, Drake AD Sandy Hatfield Clubb hired former Arizona State assistant coach Mark Phelps.

In 2008–09, Phelps' first season, the Bulldogs finished with a 17–16 record, falling in the College Insider Tournament to Idaho.

Despite his ability to recruit, Phelps' on the court coaching led to finishes of 7th and below in the MVC and dwindling fan attendance and support.

Phelps's contract was not renewed following the 2012–13 season, and Drake AD Sandy Hatfield Clubb replaced him with her new choice Ray Giacoletti.

After failing to finish above .500 for three seasons and a 1–8 start in his fourth year, Giacoletti turned in his resignation to Drake AD Sandy Hatfield Clubb on December 6, 2016, and Interim Head Coach Jeff Rutter took over in his place, leading the team to their ninth play-in game in nine seasons under a coach chosen by Drake AD Sandy Hatfield Clubb.

Devries led the Bulldogs to a regular season record of 23–8 and won the MVC Championship in his first year as head coach.

Devries was named MVC Coach of the Year for his role in returning Drake to the top of The Valley.

[21] In 2020, Drake hosted Northern Iowa in a nationally televised game which was also the first Knapp Center sell out since the 2007-08 season.

Drake lost in humiliating fashion to their instate conference rival scoring a season low 43 points in route to a 70-43 loss.

Their First Four appearance against former MVC foe Wichita State on March 18 resulted in a 53-52 victory, which was the team's first win in the tournament in 50 years.

The Drake Bulldogs gymnasium was featured in the final scene of the 2023 Peacock streaming movie Champions starring Woody Harrelson, Matt Cook & Caitlin Olson.

Drake was selected to the second and final National Commissioners Invitational Tournament ever held.