Since 1999, the Red Raiders have played their home games at the United Supermarkets Arena on the university's campus in Lubbock, Texas.

Though Ballard coached only a single season, it was during his time that the team won their milestone 100th game, a one-point victory over House of David.

With a Texas Tech career record of 326–261, Myers has more wins with the Red Raiders than any other men's basketball coach in school history.

Hours after that game, Texas Tech announced that it was withdrawing from postseason consideration and forfeiting its entire conference schedule.

[9] Dickey was unable to recover from the lost scholarships, and his Red Raiders finished with four consecutive losing seasons, during which they only won a total of 18 games in Big 12 play.

Hired in March 2001 to replace James Dickey as head coach, Bob Knight quickly improved the program, which had not received a bid to the NCAA tournament nor achieved a winning record since 1996.

The Red Raiders recovered in 2006/07, finishing 21–13 and again earning a bid to the NCAA Tournament, where they would lose to Boston College in the first round.

During Knight's first six years at Texas Tech, the Red Raiders won 126 games, an average of 21 wins per season.

On New Year's Day 2007, Texas Tech recorded a 70–68 defeat of New Mexico to give Knight his 880th career victory, making him the highest winning coach in men's college basketball history.

[10] Knight won two more games as head coach—against Missouri and Oklahoma State—prior to announcing his retirement on February 4, 2008, after having led his 2007–08 team to a 12–8 mid-season record.

After assuming the head coaching role midseason, Pat Knight's initial two games were defeats on the road.

Knight's first head coaching win came at home when the Red Raiders upset #18 Kansas State, 84–75, at United Spirit Arena.

[13] On March 1, 2008, the Red Raiders again defeated the top team in the conference by beating #5 Texas, 83–80, ending a month-long, eight-game winning streak for the Longhorns.

Texas Tech's victory over the then #12 Baylor Bears was the first win over a ranked opponent since December 2009, when the team defeated #10 Washington.

[22] Under Smith, the 2015–2016 Red Raiders finished 9–9 in Big 12 play and advanced to their first NCAA Tournament in nine years, earning an 8-seed in the East Regional.

Texas Tech hired former Arkansas-Little Rock coach Chris Beard on April 15, 2016, a week after he was appointed to the same position at UNLV.

[23] In his second season at the helm, Texas Tech reached the Elite Eight for the first time in school history, with a 78–65 win over the Purdue Boilermakers,[24] where they lost to the eventual national champions, Villanova Wildcats, 71–59.

[25] With a share of the Big 12 regular season title, the Red Raiders returned to the NCAA Tournament in 2019 as a #3 seed.

[26] They proceeded to defeat the Michigan State Spartans 61–51, reaching their first-ever national title game,[27] where they ultimately lost to another #1 seed, the Virginia Cavaliers, 85–77 in overtime, ending the most successful season in school history.

[28] Beard departed the program after the 2020–21 season, to take the head coaching job at his alma mater, the University of Texas.

On March 5, 2023, Texas Tech University announced that they have suspended Coach Adams for using "racially insensitive" terms and possibly spitting on a player; Corey Williams led the team in the Big 12 tournament.

On April 6, 2019, Texas Tech earned their first trip to the NCAA tournament championship game with a Final Four win over Michigan State.

The Red Raiders previously played at Lubbock Municipal Coliseum until United Supermarkets Arena opened in 1999.

The university's first team, then known as the Matadors, did not have a home court but instead played at the Livestock Judging Pavilion until a wood and stucco barn was constructed the following season.