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Under new Coach Jack Ramsay the Trailblazers were able to vastly improve themselves by picking up Maurice Lucas and Dave Twardzik in the ABA dispersal draft. The revamped Blazers would end up getting off to a terrific start winning 22 of their first 29 games.

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However, the strain of the regular season would catch up with them as they played mediocre basketball in February and March. However, they would get hot again as the season ended winning their last 5 games to post a record of 49-33 good enough for 2nd place and the first playoff berth in franchise history. The Blazers would get off to a strong start in the playoffs beating the Chicago Bulls in a 3-game series. In the second round the city of the Blazers raced out to a3-1 lead before stunning the Denver Nuggets in 6 games. By now the Blazers were on fire and could not be contained, as they swept through the Los Angeles Lakers in 4 straight games on the way to the NBA Finals. By the start of the city of Portland was truly in the grips of "Blazermania" as tickets were hard to come by for the finals. However after losing the first 2 games on the road to the Philadelphia 76ers the Blazers seemed to have run out of fuel. Coming home to Memorial Coliseum for Game 3 and 4 was just what the Trailblazers needed to be rejuvenated as they blew the 76ers off the court twice winning by 22 and 33 points to even the series at 2 games apiece. The Blazers carried the momentum from their 2 blowout wins at home into Philadelphia for Game 5 as they took a 3-2 series lead with a solid 110-104 win on the road. Needing just 1 win to win the NBA Title at home the whole city of Portland had their eyes on Memorial Coliseum on June 5th. The Blazers would be scorched by Julius Erving who scored 40 points. However, Bill Walton would score 20 of his own while pulling down 23 rebounds and blocking 8 shots as the Blazers won the NBA Championship with a thrilling 109-107 victory.

Clyde Drexler continued to be the leading scorer for the Trailblazers with 23.3 ppg, as the Blazers rebound off their disappointing season to post a solid 59-23 record good enough for second place in the Pacific, as the Blazers were made stronger by acquiring Buck Williams, a 6-8 rebounding machine from the New Jersey Nets for Sam Bowie. The acquisition of Williams helped make the Blazers stronger for the playoffs and it showed as they won their first playoff series in 7 years by sweeping the Dallas Mavericks in 3 straight. In the second round the Blazers would need 7 games to get past the San Antonio Spurs as the home team won all 7 games. In the Western Conference Finals the Trailblazers continued to defend their home court well jumping out to a 2-0 lead over the Phoenix Suns. The Suns would rebound to take the next 2 in Phoenix as the Blazers won Game 5 at home 120-114. However, there would be no need for a 7th game as the Blazers knocked off the Suns with a 112-109 win in Game 6 to reach the NBA Finals for the second time in franchise history. In the Finals the Trailblazers would get off to a solid start splitting the first 2 games on the road against the defending NBA Champion Detroit Pistons. However, the Blazers would drop all 3 games at home as the Pistons won the NBA title in 5 games.

The Trailblazers continued to lead the way in the West posting a 57-25 record for their 2nd straight division title as Clyde Drexler earned his way on to the Dream Team with an impressive 25.0 ppg. In the playoffs the Blazers would avenge their loss in the Western Conference Finals a year earlier by beating the Los Angeles Lakers in 4 games, as they are forced to play Game 4 in Las Vegas as Los Angeles is overrun by riots after a verdict in a police brutality case involving Rodney King. In the 2nd round the Blazers would fly past the Phoenix Suns in 5 games to reach the Western Conference Finals for the 3rd year in a row. In the Western Finals the Blazers would beat the Utah Jazz in 6 games to reach the NBA Finals for the 2nd time in 3 years. In the finals the Blazers were burned by Michael Jordan who had an incredible night from the 3-point line in Game 1 as the Bulls took Game 1 in Chicago 122-89. However, the Trailblazers would rebound to take Game 2 and send the series back to Portland tied at a game apiece. However, in Portland the Blazers could only manage to win 1 of 3 games as the Bulls emerged victorious in 6 games.

After years of only accommodating less than 13,000 fans, suddenly Portland had a facility that ranked among the best in the NBA, as the Rose Garden opened on November 3rd. However, opening night would be spoiled as the Blazers lost to the expansion Vancouver Grizzlies playing in their very first games 92-80. The Blazers would struggle through most of the season posting a record of 26-34 through March 5. However, the Blazers would end the season on a strong note winning 18 of their last 22 games for their 14th straight playoff appearance a record of 44-38, as 31-year-old rookie. Arvydas Sabonis, who was originally drafted by the Blazers in 1986, out of Lithuanian, then part of the Soviet Union averaged 14.5 ppg and 8.1 rpg. However, in the playoffs the Blazers would be knocked out in the first round again losing a 5-game series to the Utah Jazz, in which the home team won all 5 games.

Despite the occasional bizarre behavior of Rasheed Wallace who set a record for Technical Fouls, and off court legal trouble the Trailblazers continued to play solid basketball as they finished in 2nd place with a solid 59-23 record. In the playoffs the Blazers would get past the Minnesota Timberwolves in 4 games, but before the 2nd round started they would have deal with heartache popular assistant coach Bill Musselman lost a 6-month battle with a rare disease, primary systemic amyloidosis. The Blazers would handle the loss well as they raced out to a 3-0 lead before beating the Utah Jazz in 5 games. In the Western Conference Finals for the second year in a row the Trailblazers appeared to be going down quickly again as they fell behind the Los Angeles Lakers 3 games to 1. However, the Blazers would rally to win the next 2 and force a 7th game in Los Angeles. In Game 7 the Blazers appeared to be on the way to an improbable upset as they led the Lakers 73-58 in the 4th Quarter. However, the Blazers would collapse as the Lakers came back to with the game 89-84 to advance to the NBA Finals where they went on to win the NBA Championship.

The Trailblazers continue to be an embarrassment off the court as Oregon State officials and Owner Paul Allen express displeasure in the continued troubles with Blazers players and the law. All total in 6 years since 1997, 14 different players had been either arrested or citied for 30 different incidents ranging from sexual assault to marijuana possession. However, on the court the Trailblazers continued to play strong basketball finishing in 3rd place with a solid 50-32 record. In the playoffs the Blazers would lose 3 straight to the Dallas Mavericks. However, with the first round being changed to a best of 7 the Blazers were not done. Instead they won 3 straight to force a 7th game. However a late 4th quarter scoring drought would due the Blazers in as the Mavs won Game 7 in Dallas 107-95.

With new Coach Nate McMillian the Trailblazers were looking more toward the future, as going into the season it was clear there was a lack of talent to compete on a high level, especially in the Western Conference. One player that was a bright spot was Zach Randolph who was the Blazers leading scorer with 18.0 ppg. However, points were not plentiful for the Blazers who were the lowest scoring team in the NBA. Things would go bad to worse after the All-Star Break as the Blazers won just 5 of their last 39 games which included an 11-game losing streak, and an 8-game losing streak in their last 20 games as the Blazers finished with the worst record in the NBA at 21-61. Following the season the Trailblazers were the busiest team on draft day, trading Sebastian Telfair, Theo Ratliff, and the Blazers 2nd round pick in 2008 to the Boston Celtics for Raef LaFrentz, Dan Dickau, and the rights to the #7 pick in the draft Randy Foye, whom was traded to the Minnesota Timberwolves for the #6 pick Brandon Roy. They would also trade their #4 pick Tyrus Thomas along with Viktor Khryapa to the Chicago Bulls for the rights to the #2 pick, LaMarcus Aldridge.