- July 31, 2007
Traded Kevin Garnett to the Boston Celtics for Ryan Gomes, Gerald Green, Al Jefferson, Theo Ratliff, Sebastian Telfair, a 2009 1st round draft pick (Wayne Ellington was later selected) and a 2009 1st round draft pick (Jonny Flynn was later selected).
- August 4, 2007
Waived Troy Hudson.
- October 1, 2007
Traded Trenton Hassell to the Dallas Mavericks for Greg Buckner.
- October 24, 2007
Traded Mark Blount and Ricky Davis to the Miami Heat for Michael Doleac, Wayne Simien, Antoine Walker and a 2009 1st round draft pick (Ty Lawson was later selected).
- October 29, 2007
Traded a 2008 2nd round draft pick to the San Antonio Spurs for Beno Udrih and cash. San Antonio did not receive the 2nd round draft pick because it was top 57 protected.
Waived Juwan Howard.
- January 28, 2008
Assigned Chris Richard to the Sioux Falls Skyforce of the G-League.
- February 19, 2008
Recalled Chris Richard from the Sioux Falls Skyforce of the G-League.
- February 21, 2008
Traded Gerald Green to the Houston Rockets for Kirk Snyder and a 2010 2nd round draft pick (Paulão Prestes was later selected).
- February 29, 2008
Waived Theo Ratliff.
- June 26, 2008
Drafted O.J. Mayo in the 1st round (3rd pick) of the 2008 NBA Draft.
Drafted Nikola Peković in the 2nd round (31st pick) of the 2008 NBA Draft.
Drafted Mario Chalmers in the 2nd round (34th pick) of the 2008 NBA Draft.
Traded Mario Chalmers to the Miami Heat for cash, a 2009 2nd round draft pick (Nick Calathes was later selected) and a 2009 2nd round draft pick (Henk Norel was later selected).
Traded Greg Buckner, Marko Jarić, O.J. Mayo and Antoine Walker to the Memphis Grizzlies for Brian Cardinal, Jason Collins, Kevin Love and Mike Miller.