MVP season and trip to the finals (2000–01)

In game one of the 2001 NBA Finals, Iverson scored a playoff high 48 points and beat the heavily favored Lakers 107–101. Iverson led the Sixers to their first finals since their 1983 championship. it was the Lakers' only playoff loss that year. After hitting a crucial shot, he notably stepped over Tyronn Lue, adding insult to injury after breaking Lue's ankle. Iverson would go on to score 23, 35, 35, 37 in games 2–5, all losing efforts though the Sixers were not swept like many predicted. Iverson enjoyed his most successful season as an individual and as a member of the Sixers during the 2000–01 NBA season.During the 2000–01 season, Iverson led his team to wins in the first ten games of the season, and was named starter at the 2001 NBA All-Star Game, where he won the game MVP. The Sixers also posted a 56–26 record, the best in the Eastern Conference that season. He also averaged a then-career high 31.1 points, winning his second NBA scoring title in the process. Iverson won the NBA steals title at 2.5 a game. Iverson was named NBA Most Valuable Player; at 6 feet and 165 pounds, he became the shortest and lightest player to win the MVP award. He had 93 first-place votes out of a possible 124. He was also named to the All NBA First team for his accomplishments. In the playoffs, Iverson and the Sixers defeated the Indiana Pacers in the first round, before meeting his high flying nemesis at that time, Vince Carter. Vince led Toronto Raptors in the Eastern Semifinals but they are defeated by the 76ers in game 7 of their best of 7 series. In the next round, the Sixers defeated the Milwaukee Bucks, also in seven games, to advance to the 2001 NBA Finals against the defending champion Los Angeles Lakers, featuring the duo of Kobe Bryant and Shaquille O'Neal.

Iverson began using a basketball sleeve during this season during his recovery from bursitis in his right elbow. Other players, including Carmelo Anthony, and Kobe Bryant, adopted the sleeves as well, as did fans who wore the sleeve as a fashion statement. Iverson continued wearing his sleeve long after his elbow had healed. Some believed that the sleeve improved Iverson's shooting ability. Steven Kotler of Psychology Today suggested that such sleeves may act as a placebo to prevent future injuries.