This was the iconic Boston Celtics' 8th consecutive NBA Championship--no other team in any sport has won eight consecutive league titles in American competition. Before Game 2, after the Los Angeles Lakers' comeback overtime win in Game 1, Red Auerbach, who had challenged the entire league to topple the Celtics from their reign by announcing he would retire after 1965-1966 before the season had started (thus giving his detractors "one last shot" at him), announced Bill Russell as the Celtics coach for 1966-1967 and beyond. He would be the first African-American to coach in the NBA. Laker coach Fred Schaus privately fumed that Red's hiring had taken away all of the accolades his Lakers should have received following their tremendous Game 1 win. The Celtics won the next three games and looked ready to close out L.A. in Game 5. However, the Lakers won the next two games, setting the stage for another classic Game 7 in the Boston Garden. The Celtics raced out to a huge lead, and held off a late Los Angeles rally to capture the NBA title and send Red Auerbach out a champion.

The NBA Finals is the championship series of the NBA. The series was named the NBA World Championship Series until 1986.

The series is played between the winners of Western Conference Finals and Eastern Conference Finals. At the conclusion of the championship round, the winners of the NBA Finals are awarded the Larry O'Brien Championship Trophy. (Winners from 1946 to 1977 received the Walter A. Brown Trophy) The NBA Finals has been played at the conclusion of every NBA and BAA season in history, the first being held in 1947.

Since 1985, the winner of the NBA Finals has been determined through a 2–3–2 format. The first two and the last two games of the series are played at the arena of the team who earned home court advantage by having the better record during the regular season.

During the first decade the Minneapolis Lakers had the first NBA dynasty, winning 5 championships in 6 years under Hall of Fame head coach John Kundla. The team also featured George Mikan, one of the greatest players in the history of the NBA. Franchises which had previously been in the National Basketball League tended to dominate, especially the Minneapolis Lakers.