As the twentieth-winningest men's basketball program of all-time, the team from Penn had its greatest success from 1966 to 2007, a period of over 40 years.

[3] Their main Ivy League rivalry is with Princeton, whom they used to always play as the last regular season game.

The last NCAA tournament victory for the Quakers came on March 17, 1994, at the Nassau Veterans Memorial Coliseum in Uniondale, New York.

Player Tony Price led the Quakers, who stunned the nation with victories over Iona, North Carolina, Syracuse, and St. John's to advance to the Final Four.

The Quakers faced Earvin "Magic" Johnson and Michigan State in the national semifinals in Salt Lake City, Utah, but were met with defeat, 101–67.

Villanova lost to UCLA in the national championship game, but was later found to be using an ineligible player, Howard Porter.