University of Mississippi sports teams, originally known as the "Mississippi Flood" , were re-named the Rebels in 1936 and compete in the competitive twelve-member Southeastern Conference of the NCAA's Division I. The school's colors are cardinal red (PMS 186) and navy blue (PMS 281), purposely chosen to mirror the school colors of Harvard and Yale, respectively. With a long history in intercollegiate athletics (Ole Miss began football in 1890), the university competes in 18 men's and women's sports. Student-athletes, 630 in all, received all-conference academic honors from 1995–2004.

The Ole Miss Lady Rebels basketball program began in 1974, and have been a fixture in post-season tournaments since that time. The Lady Rebels have appeared in the NCAA Women's Division I Basketball Championship tournament seventeen times, including the inaugural 1982 tournament; they also appeared in the tournament in 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992, 1994, 1995, 1996, 2004, 2005, and 2007. They have reached the Sweet Sixteen eight times and the Elite Eight five times (1985, 1986, 1989, 1992, and 2007). They have also appeared in the Women's National Invitation Tournament in 1999, 2001, and 2006. Entering the 2008 season, the program has an all-time win-loss record of 686-353, for a 66% average.

The 1992 team won the SEC with an 11-0 conference record, and finished the season with a final record of 29-3, the most wins in team history.

The program has produced such outstanding players as sisters Peggie Gillom, who still holds the school records for scoring and rebounding, and Jennifer Gillom, an Olympic medalist, Kodak All-American, and SEC Female Athlete of the Year.

Perhaps the most decorated player in Lady Rebel history, guard Armintie Price, joined the program for the 2003-4 season and immediately collected SEC Freshman of the Year honors. In her collegiate career, Price was named to the All-SEC First Team three times and became the first player to be named SEC Defensive Player of the Year twice. With Cheryl Miller she is one of only two players in NCAA history to record 2000 points, 1000 rebounds, 400 assists and 400 steals. As a senior she was a finalist for the Wooden Award and was named to the Kodak All-American Team; she led her team to their first Elite Eight appearance since 1992. Price was drafted third overall in the 2007 WNBA Draft and went on to an outstanding first season with the Chicago Sky, culminating in Rookie of the Year honors.

Coaching legend and Basketball Hall of Famer Van Chancellor built his legacy with eighteen years as the Lady Rebels' head coach, where he compiled a record of 439 wins and 154 loses. Chancellor's legacy also includes several players-turned-coaches, including Jennifer Gillom, who helped Chancellor coach the US Senior Women's National Team to the 2002 World Championship; head coach Carol Ross, who returned to her alma mater in 2003; and current associate head coach Peggie Gillom.

Carol Ross resigned as head coach on April 26, 2007. During her four-year tenure, the Lady Rebels' posted 77 wins and 50 loses. She was replaced by assistant coach Renee Ladner.

Ole Miss made it to their first NCAA tournament in 1981, after winning the SEC tournament that year. Since then, they have participated in the NCAA tournament in 1997, 1998, 1999, 2001, and 2002. They have participated in the National Invitation Tournament in 1980, 1982, 1983, 1987, 1989, 2000, 2007, 2008, and 2010. In 2008, they made it to the Final Four of the NIT. The Rebels have won the SEC Western Division in 1997, 1998, 2001, 2007, and 2010.

From 1999-2006, Rod Barnes coached the Rebels basketball team, and compiled a record of 141-109 during his tenure.

In 2007, Ole Miss hired Andy Kennedy, and the Rebs tied for first place in the SEC West during the 2006–2007 season. Led by the senior trio of Clarence Sanders, Bam Doyne, and Todd Abernethy, the Ole Miss men finished the year with a 21-13 record, including a 16-1 record at home inside Tad Smith Coliseum. They advanced to the second round of the National Invitation Tournament, before falling at Clemson University. In his debut season with the Rebels, Kennedy was named the 2007 SEC Coach of the Year by the Associated Press after guiding Ole Miss, a preseason last-place pick in the SEC West, to its first division title and most wins since 2001.