The 1988–89 Michigan Wolverines men's basketball team represented the University of Michigan in intercollegiate college basketball during the 1988–89 season. The Head Coach was head coach Bill Frieder, who was dismissed before the 1989 NCAA Men's Division I Basketball Tournament and replaced by assistant Steve Fisher. The team played its home games in the Crisler Arena in Ann Arbor, Michigan, and was a member of the Big Ten Conference. The team finished third in the Big Ten Conference. The team earned the number three seed in the 1989 NCAA Men's Division I Basketball Tournament where it emerged victorious as national champion. The team was ranked all eighteen weeks of the season in the Associated Press Top Twenty Poll where it began the season at number three, ended at number ten and peaked at number two. and it also ended the season ranked tenth in the final UPI Coaches' Poll.
The team repeated as the national statistical champion in team field goal percentage (56.6%, 1325 of 2341). During the season the team set numerous national and conference records. Glen Rice set the current Big Ten single-game three-point field goals percentage record against Wisconsin on February 25, 1989 (100% most made, 7 of 7). He also broke Mike McGee's Big Ten career points record with 2442, but that was eclipsed in 1993, although it remains the school record. The team set the following current Big Ten records: single-season points (3393), single-season field goals made (1325), single-season field goals attempted (2341), single-season field goal percentage (.566), single-season field goals percentage (conference games only, .561, 606 of 1,080), and single-season assists (745). Rice and Mark Hughes served as team co-captains and Rice earned team MVP. Rice was also recognized as a consensus All-American. Dave Balza was student manager.
In the 64-team NCAA Men's Division I Basketball Tournament, number three seeded Michigan won the tournament by defeating the fourteen-seeded Xavier Musketeers 92–87, the six-seeded South Alabama 91–82, the two-seeded North Carolina, who had ousted them the prior two years, 92–87, the five-seeded Virginia 102–65, the one-seeded Illinois 83–81 and three-seeded Seton Hall 80–79 in overtime. Against North Carolina, the team set the school record of 13 three-point field goals made, which would last until February 22, 1998.
They became the first team in school history to win 30 games and because the 1993 team’s 31 victories have been adjusted for the University of Michigan basketball scandal, they remain the winningest team in school history according to the NCAA recordbook. The team continues to rank second in NCAA history in single-season team field goal percentage: 56.6% (1325 of 2341)