The 1971–72 ABA season was the fifth season of the American Basketball Association. The Indiana Pacers won the championship, defeating the New York Nets, 4 games to 2, in the ABA Finals.

For the first time in the league's history, no franchise moved to a different state from the previous season. The only name change involved the Dallas Chaparrals , who were able to secure a lease in Dallas for the season and were re-named from the previous season's Texas Chaparrals.

• ABA Most Valuable Player Award: Artis Gilmore, Kentucky Colonels
• Rookie of the Year: Artis Gilmore, Kentucky Colonels
• Coach of the Year: Tom Nissalke, Dallas Chaparrals
• Playoffs MVP: Freddie Lewis, Indiana Pacers
• All-Star Game MVP: Dan Issel, Kentucky Colonels
• All-ABA First Team
  • Dan Issel, Kentucky Colonels (1st First Team selection, 2nd overall selection)
  • Rick Barry, New York Nets (4th selection)
  • Artis Gilmore, Kentucky Colonels
  • Donnie Freeman, Dallas Chaparrals (1st First Team selection, 4th overall selection)
  • Bill Melchionni, New York Nets
• All-ABA Second Team
  • Willie Wise, Utah Stars
  • Julius Erving, Virginia Squires
  • Zelmo Beaty, Utah Stars (2nd selection)
  • Ralph Simpson, Denver Rockets
  • Charlie Scott, Virginia Squires
• All-ABA Rookie Team
  • Julius Erving, Virginia Squires
  • Artis Gilmore, Kentucky Colonels
  • George McGinnis, Indiana Pacers
  • Johnny Neumann, Memphis Pros
  • John Roche, New York Nets