As the Minneapolis Lakers, the team was dominate over the NBA and was recorded as the first basketball dynasty. The franchise won five championships in six years (running from 1949 to 1954, with the exception of 1951). The team moved to Los Angeles in 1960, where they continued to play future Hall-of-Famers, including Wilt Chamberlain. However, after this move, it seemed that the Boston Celtics arose as the dominate team, consistently thwarting the efforts of the Lakers to win the championships and beating them six times in eight years.

Finally, in 1972 under Coach Bill Sharman (who was named Coach of the Year), the team saw a record 33-game winning streak and finally won an NBA championship. After their victory, the bravado bust again. Even though the team recruited Kareem Abdul-Jabbar, they were unable to succeed in another championship win until Magic Johnson joined the team in 1979 (who won the Most Valuable Player Award that year as a rookie), defeating the Philadelphia 76ers.

Other shoe-in players for the Hall of Fame who have played for the Los Angeles Lakers include Shaquille O'Neal and Kobe Bryant (both obtained from the Orlando Magic in the 1996-97 off season). With their assistance, as well as that of Phil Jackson, it seemed that the Lakers had found a winning team again, and in 2002, they once again emerged from the finals victorious. The following summer, O'Neal demanded a trade due to personal conflicts with Bryant and joined the Miami Heat, thus breaking up the "dream team".

In the 2004-05 season, though Bryant did his best to hold together a young team, the Lakers missed the playoffs for the first time in eleven years (it was the first time ever for Bryant). However, in the 2005-06 season, Phil Jackson returned to the game, and fans of the Lakers are optimistic.