The season was highlighted by Tom Chambers setting a franchise record for points scored in one game, when on February 18, he scored 56 points on the road against Golden State. Just over a month later, he would break his own record when he scored 60 against Seattle on March 24.
The Suns entered the postseason as the fifth seed in the Western Conference, opening the playoffs against the fourth-seeded Utah Jazz. With stomach flu limiting All-Star point guard Kevin Johnson to only 9 minutes, the Jazz took game one with a 17-point victory in Salt Lake City. Johnson returned for game two, leading the Suns to an 18-point victory. After splitting two games in Phoenix, the Suns headed back to Salt Lake for the decisive fifth game. Kevin Johnson sealed the game with a last-second jump shot to give the Suns a 104–102 victory.
The Suns would next face-off against the top-seeded Los Angeles Lakers, who finished the season with a league-best 63–19 record. Coach Cotton Fitzsimmons came into game one with an 0–37 record coaching against the Lakers at the Great Western Forum. The Suns had lost 21 consecutive games at the Forum dating back to 1984. They ended the streak with a 104–102 upset, stealing homecourt advantage. Center Mark West led the Suns with 24 points, 16 rebounds and 7 blocks. The Lakers would recover in game two, blowing out the Suns 100–124 to even the series. After winning games three and four in Phoenix, the Suns returned to the Forum with a 3–1 series lead. Despite an early 15-point lead and a 43-point performance from MVPMagic Johnson, the Suns rallied to a 106–103 victory, behind 37 points from Kevin Johnson.
The Suns headed to the Western Conference Finals to face the Portland Trail Blazers. Looking to steal homecourt advantage for the third straight series, the Suns fell 98–100 in a closely contested game one. A last second shot from reserve shooting guard Mike McGee was blocked by Blazers guard Danny Young. Game two saw the Suns run to a 22-point lead in the second quarter, finishing the first half leading 59–41. The Blazers launched a furious second-half comeback, tying the game 106–106 after a Terry Porter three-pointer with 28 seconds left. Kevin Johnson was immediately fouled, missing the first free throw and making the second to give the Suns a one-point lead. Porter would give the Blazers the lead after a 14-foot jump shot with 12 seconds left. Suns forward Eddie Johnson missed a 20-foot jumper with 4 seconds left, giving the Blazers a 108–107 victory. The Suns would beat the Blazers by 34 and 12 in games three and four in Phoenix, before the Blazers retook the series lead with a 6-point victory in game five. Fortune turned against the Suns in game six, when Kevin Johnson went down with a hamstring injury at the end of the second quarter. Shooting guard Jeff Hornacek led the team in Johnson's absence, scoring a career playoff high 36 points. The Suns led 109–108 with 55 seconds left in the game. Blazers forward Jerome Kersey blocked a shot by Hornacek and scored a fast-break layup, giving the Blazers a 110–109 lead with 27 seconds left. Looking to regain the lead, Suns forward Tom Chambers had the ball stripped by Buck Williams. Star Clyde Drexler would make two free-throws to put the Blazers up 112–109. Hornacek missed a last-second three-pointer, ending the Suns unlikely playoff run.