Walt Frazier was chosen as an NBA All-Star during the 1969–70 season, the first of seven selections during his 10-year stint with the Knicks.
The Knicks made it to the 1970 NBA Finals thanks to the great play of both Frazier and star teammate Willis Reed. However, in game five, Reed suffered a painful leg injury. With Reed out, chances of the Knicks winning the championship were slim. However, Reed returned to the series, playing the first two minutes of game seven and scoring its first two points before limping off. With Reed out, Frazier went on to post one of the greatest performances in NBA playoff history, tallying 36 points, seven rebounds, 19 assists, and six steals in leading New York to victory in what is referred to by ESPN as one of the best game sevens ever played.
The Knicks were unable to repeat as champions in 1971, falling to the Baltimore Bullets and their star shooting guard Earl Monroe in the second round of the playoffs despite Frazier's 20.4 points per game average during the second series.
During the off-season, in May 1971, Frazier scored 26 points and was named MVP of an exhibition game played between NBA and ABA All-Stars in Houston's Astrodome.
Following the 1970–71 season, the Knicks traded for Monroe, who was always difficult for Frazier to guard. Not many people thought the two players’ styles would mesh, but Monroe and Frazier soon became one of the best backcourts in the league, even earning the nickname the "Rolls Royce" backcourt.
The Knicks returned to the NBA Finals in 1972, but fell to the Los Angeles Lakers, who completed a record-setting season with an NBA championship.