The 1995 NBA lockout was the first lockout of four in the history of the NBA. When the previous collective bargaining agreement expired after the 1993–94 season, a no-strike, no-lockout agreement was made in October 1994, with a moratorium on signing or restructuring player contracts. That moratorium expired on June 15, 1995, one day after the NBA Finals concluded. The expansion draft (which was held on June 24) and the NBA draft (which was held on June 28) were allowed to take place, but all other league business, including trades, free-agent signings, contract extensions, and summer leagues were suspended from July 1 until September 12; no games were lost due to the lockout, as a new collective bargaining agreement was reached well before the start of the 1995–96 season. Among the key issues in the labor dispute were the salary cap, free agency, a rookie salary cap, and revenue sharing.
The NBA established its first Canadian teams, as the Toronto Raptors and the Vancouver Grizzlies made their debuts as the NBA's 28th and 29th franchises. The Grizzlies began play at GM Place (now Rogers Arena) as a member of the Midwest Division while the Raptors set up shop at the SkyDome (now Rogers Centre) as a member of the Central Division. Each franchise won its first game, although Toronto would only win 21 games in the season, and Vancouver 15 games.
The Chicago Bulls finished the season with a combined regular season and postseason record of 87-13, the best in NBA history. Prior to the start of the NBA Playoffs, the Bulls shocked the basketball world by wearing black socks, claiming this as redemption to the city's most infamous sports moment, the Black Sox Scandal of 1919. The socks would become a Bulls playoff tradition, which other teams soon follow. However, this was not the first time a team or a particular player wore black socks; earlier in the season, Orlando Magic forward Dennis Scott wore black socks while competing in the AT&TThree-Point Shootout at NBA All-Star Weekend.
Referees were locked out to begin the season, but reached an agreement to return to work in December 1995.
Magic Johnson comes out of retirement to play in 32 games for Los Angeles before retiring again at the end of the season.
The Philadelphia 76ers play their final game at The Spectrum. At the time, it was named the CoreStates Spectrum; the CoreStates name was later added on their future home arena under construction at the time. The 76ers would return to the renamed Wachovia Spectrum for a farewell game in the 2008–09 season before its eventual demolition.
Teams in bold advanced to the next round. The numbers to the left of each team indicate the team's seeding in its conference, and the numbers to the right indicate the number of games the team won in that round. The division champions are marked by an asterisk. Home court advantage does not necessarily belong to the higher-seeded team, but instead the team with the better regular season record; teams enjoying the home advantage are shown in italics.