Notable occurrences

• The New York Nets moved from Uniondale, New York to Piscataway, New Jersey, and were renamed the New Jersey Nets. The New York Knicks, who forced the Nets to pay $4.8 million for invading the New York area prior to the previous season, remained the only NBA team in New York for 35 years, until the Nets moved to Brooklyn in the 2012–13 season.

• The 1978 NBA All-Star Game was played at the Omni Coliseum in Atlanta, with the East beating the West 133-125. Randy Smith of the Buffalo Braves wins the game's MVP award.

• The defending champion Portland Trail Blazers went off to a 50–10 start and looked poised to repeat, but Bill Walton broke his foot and was out for the remainder of the season. The Blazers, hurt by Walton's absence and by other key injuries, faded to an 8–14 finish and lost to the Sonics in the Western Conference semifinals.

• On December 9, 1977, Kermit Washington punched Houston Rockets player Rudy Tomjanovich in the face during an NBA game. Tomjanovich was seriously injured and missed the rest of the season. Washington was subsequently fined $10,000 and suspended 26 games by the NBA.

• Throughout the 1977–78 season, CBS broadcast NBA games during the regular season and the playoffs. During halftime of those games, they showed a pre-taped H–O–R–S–E tournament pitting players from the NBA against each other. It featured, among others, Pete Maravich, Paul Westphal, Bob McAdoo, Kevin Grevey, and George Gervin. Maravich and Westphal made it to the final, and CBS originally planned to hold their match at halftime during an NBA Finals game. However, Maravich was injured and could not participate, so CBS decided to have Westphal compete against "Bag-Man" (who was actually analyst Rick Barry with a bag covering his head) by letting them both shoot a free throw. Westphal, blindfolded, went first and hit his. Barry missed, and Westphal was awarded the trophy. H–O–R–S–E featuring NBA players would not be re-instituted for 31 more years (until the 2009 All-Star Weekend).

• This was the first season since the 1949–50 season that no Boston Celtics player was named to either the First or Second All-NBA Team.

Final standings

By division

By conference

• z, y – division champions

• x – clinched playoff spot

Statistics leaders

NBA awards

• Most Valuable Player: Bill Walton, Portland Trail Blazers

• Rookie of the Year: Walter Davis, Phoenix Suns

• Coach of the Year: Hubie Brown, Atlanta Hawks

• All-NBA First Team: Julius Erving, Philadelphia 76ers Truck Robinson, New Orleans Jazz Bill Walton, Portland Trail Blazers George Gervin, San Antonio Spurs David Thompson, Denver Nuggets

• All-NBA Second Team: Walter Davis, Phoenix Suns Maurice Lucas, Portland Trail Blazers Kareem Abdul-Jabbar, Los Angeles Lakers Paul Westphal, Phoenix Suns Pete Maravich, New Orleans Jazz

• All-NBA Rookie Team: Bernard King, New Jersey Nets Marques Johnson, Milwaukee Bucks Jack Sikma, Seattle SuperSonics Norm Nixon, Los Angeles Lakers Walter Davis, Phoenix Suns

• NBA All-Defensive First Team: Bobby Jones, Denver Nuggets Maurice Lucas, Portland Trail Blazers Bill Walton, Portland Trail Blazers Lionel Hollins, Portland Trail Blazers Don Buse, Phoenix Suns

• NBA All-Defensive Second Team: E.C. Coleman, Golden State Warriors Bob Gross, Portland Trail Blazers Kareem Abdul-Jabbar, Los Angeles Lakers (tie) Artis Gilmore, Chicago Bulls (tie) Norm Van Lier, Chicago Bulls Quinn Buckner, Milwaukee Bucks