A 6'4" All-American guard from the University of San Francisco (USF), Smith was not heavily recruited out of George Washington High School.

After his senior year, Smith was selected by the Golden State Warriors with the 11th pick in the 2nd round of the 1974 National Basketball Association (NBA) draft (29th overall), spending six seasons with them.

As a rookie during the 1975 season, he averaged 7.7 points on 48 percent shooting in 74 games and was a member of the Golden State Warriors' first NBA championship team.

He played for 9 seasons (1974–1983) in the National Basketball Association (NBA), for the Warriors, the San Diego Clippers, and the Seattle SuperSonics.

Philip Smith died at Palomar Medical Center in Escondido, California from complications with multiple myeloma cancer, after a five-year battle with the disease.