The VCU Rams men's basketball program was founded in 1968, at the same time as the merger of the Richmond Professional Institute and the Medical College of Virginia.

The Rams next stint in the post-season came under Head Coach Mike Pollio in the 1988 NIT Tournament where they would reach the quarter-finals before ultimately falling to UConn 60–69.

The VCU men's basketball team would return to prominence in the 2003–2004 season under then second-year Head Coach Jeff Capel.

VCU led for much of the second half and had a chance to win towards the end despite the Wake Forest comeback, but ultimately fell 79–78.

He was replaced by Anthony Grant, formerly an assistant and associate head coach for several years to Billy Donovan, including the 2006 NCAA champions, the University of Florida Gators.

The Rams were 16–2 in conference play and captured the CAA Regular season Championship before capturing the CAA Conference tournament Championship in thrilling fashion as Eric Maynor burst onto the national scene by scoring 9 points in the final 1:55 to bury the George Mason Patriots, finishing with 14 of his 20 points in the second half.

6 seed Duke Blue Devils 79–77 on a game-winning bucket from just beyond the free-throw line by Eric Maynor in the final seconds of the game.

The Rams heartbreak continued as they were upset on their home court in the first round by old-time Sun Belt Conference rival, the UAB Blazers 80–77 as a late comeback fell just short.

Larry Sanders set CAA Conference tournament Championship Game records for the Rams with 20 rebounds and 7 blocks in the victory.

Anthony Grant posted an impressive 76–25 record in his three seasons as the head men's basketball coach at VCU.

From 2009 to 2015, the Rams were led by Shaka Smart, who had been previously an assistant coach for the Florida Gators men's basketball team.

Prior to Florida, Smart served as an assistant coach at Clemson, Akron and California (Pa.) and a director of operations at Dayton.

During his introductory press conference, he promised that his teams would "wreak havoc on our opponents [sic] psyche and their plan of attack.

In Smart's first year as the Rams head coach, the team posted a 27–9 record, going 11–7 in the CAA, finishing fifth in the conference.

However, the Rams earned a berth into the 2010 College Basketball Invitational, where they would finish as the eventual champions, defeating Saint Louis 2–0 in the series final.

Their sweep of Saint Louis made it the first time in CBI history a team won the best two-out-of-three championship series in two games.

On Selection Sunday 2011, the VCU Rams received an at-large bid to the 2011 NCAA Division I men's basketball tournament to start off the newly created 68-team field.

The inclusion of VCU in the tournament was widely criticized by pundits and the ESPN network, in particular Jay Bilas and Dick Vitale.

The Rams blew out Georgetown 74–56 in Chicago to reach the Round of 32 and followed this win up with a 94–76 rout of third-seeded Purdue to advance to VCU's first-ever Sweet Sixteen appearance.

VCU then beat Florida State 72–71 in overtime on a last second shot by Bradford Burgess to advance to the school's first ever Elite Eight appearance.

After two seasons at Chattanooga, Will Wade returned to VCU to take the open head coaching position vacated by Shaka Smart.

[18] Wade announced that he was leaving VCU after two years to accept the head coaching position at Louisiana State University in Baton Rouge.

[20] On March 29, 2023, Mike Rhoades announced he was accepting an offer to coach at Penn State following 6 seasons at VCU and 0 NCAA tournament wins.

Subsequently, the Rams earned an invitation to play in the Sun Belt Conference and hired J. D. Barnett as their head coach.

[25] Prior to the opening of the Siegel Center, the Rams spent a majority of their history playing their home basketball games in the Richmond Coliseum, which housed the team from 1971 until 1999.

Prior to the Rams' long-term occupation of the Coliseum, the team played their home games in the Franklin Street Gym.

A $25 million practice facility located on the north side of Marshall Street adjacent to the Siegel Center was completed in November 2015.

The building's size is about 62,000 square feet (5,800 m2) and features courts, players' lounges, dining areas, coaches' offices, retail spaces, and a hall of fame.

[28] The success of the two school's basketball programs was highlighted in the 2011 NCAA tournament, as Richmond and VCU respectively reached the Sweet Sixteen and Final Four.

^Oregon advanced due to positive COVID-19 tests in VCU's program The NCAA began seeding the tournament with the 1979 edition.