Michael Jordan won his third MVP Award as he prodded the Bulls to a 67-15 record, the best mark in franchise history and a tie for the fourth-best record in league annals. He won his sixth consecutive scoring title with an average of 30.1 points per game, the lowest of those six seasons. Scottie Pippen continued his stellar play with 21.0 points per contest and for the first time recorded more rebounds and assists than Jordan. Horace Grant again was one of the premier role players in the league, averaging 10.0 rebounds.

The 1991-92 Bulls were dominant throughout the year. Chicago lost two of its first three but then ran off a team-record 14-game winning streak for a 15-2 mark by early December. The Bulls put together a 13-game streak in January to sit at 37-5, then coasted in at 30-10 the rest of the way. Chicago equaled its best home record at 36-5 and set a club mark with 31 road victories.

The playoffs, however, proved significantly tougher. After a first round sweep of Miami, Chiaco was pushed to the limit before finally subduing the New York Knicks in a seven-game Eastern Conference Semifinal series. They then advanced to the NBA Finals by beating Cleveland in six games.

Chicago faced a high-powered Portland team led by Clyde Drexler in the 1992 NBA Finals. After the Bulls notched a Game 1 victory at home, the Blazers gave Jordan & Co. a jolt by stealing Game 2 at Chicago Stadium. But Chicago managed to win two of three contests in Portland, bringing the series back home with a one-game lead after five. When the Blazers took a 15-point fourth-quarter lead in Game 6, a seventh game seemed assured. The Bulls' bench turned the game around, however, igniting a 14-2 run at the start of the final period as Chicago logged the biggest fourth-quarter comeback in Finals history. The Bulls won the game 97-93, and took home their second consecutive championship, joining the Celtics, Lakers and Pistons as the only NBA franchises to win back-to-back titles. Jordan won Finals MVP honors by averaging 35.8 points against Portland and became the first player since the Boston Celtics' Larry Bird to take both regular season and Finals MVP honors in successive years.

In the summer of 1992, Jordan and Pippen both played on the original Dream Team, which won a gold medal for the United States at the Summer Olympic Games in Barcelona, Spain.