To recognize the talent of its players NBA gives away trophies, individual awards and Honors to its outstanding professional players and coaches. There are a total of 12 awards given away annually. The championship trophy of NBA is titled Larry O‘Brien Trophy and was first awarded in 1978. The team winning the NBA finals receives this prestigious trophy. Earlier to 1978 when NBA was working as the Basketball Association of America the same trophy was being given away under the title of Walter A. Brown Trophy which was first awarded in 1947.

The individual awards given away by NBA include the All-star Game Most Valuable Player, The Rookie of the year (both introduced from 1953), Most Valuable Player or MVP (introduced in 1956) and The Bill Russell Finals Most Valuable Player (introduced in 1969). The other trophies include Coach of the Year, Sportsmanship Award, Executive of the Year, J. Walter Kennedy Citizenship Award, Sixth Man of the Year, Defensive Player of the Year and the Most Improved Player. It is not just the teams, the players and the coaches that get awarded even the front office staff get awarded for their hard work in organizing the highly professional basketball matches.