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Frazier was selected by the New York Knicks with the 5th pick in the 1967 NBA Draft and played for them during which time he picked up the nickname "Clyde" because he wore a similar hat to Warren Beatty who played Clyde Barrow in the 1967 movie Bonnie and Clyde. He was named to the NBA All-Rookie Team in 1968. He was an NBA All-Star seven times (and was named MVP of the 1975 All-Star Game), was named to the All-NBA First Team four times, the All-NBA Second Team twice, and the All-Defensive First Team seven times. With Frazier, the Knicks captured the NBA championships in 1970 and 1973.

Frazier held Knicks franchise records for most games (759), minutes played (28,995), field goals attempted (11,669), field goals made (5,736), free throws attempted (4,017), free throws made (3,145), assists (4,791) and points (14,617). Center Patrick Ewing would eventually break most of those records, but Frazier's assists record still stands. Walt Frazier's #10 jersey was retired by the New York Knicks on December 15, 1979. In 1987, Walt Frazier was inducted into the Naismith Memorial Basketball Hall of Fame along with Pete Maravich and Rick Barry. In 1996, he was elected to the NBA's 50th Anniversary All-Time Team.

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