FedExForum is one of the National Basketball Association's most distinctive arenas. It officially opened in September 2004 after much debate and also an Alberta clipper wind storm in July 22, 2003, that nearly brought the cranes that were building it down on famed Beale Street. It is in the southern part of downtown Memphis, Tennessee, at 191 Beale Street and Third Street. It is the home of the Memphis Grizzlies of the NBA and the National Collegiate Athletic Association men's basketball program of the University of Memphis (the Tigers). They both previously played home games at the Pyramid Arena. The arena was built at a cost of $250 million and is owned by the City of Memphis; naming rights were purchased by Memphis' most well-known business, FedEx. FedExForum was financed using $250 million of public bonds, which where issued by the Memphis Public Building Authority (PBA) The venue also has the capability of hosting ice hockey games, concerts, and family shows.

FedExForum was designed by architectural firm Ellerbe Becket. The arena is 805,850 ft² (75,000 m²) in size, covering 14 acres (57,000 m²). It is capable of seating 20,000 people and has 1,000 premiere court-side seats. There are 27 courtside suites, 54 club suites, 4 party suites, and 80 club boxes.

FedExForum's interior was designed with a Memphis vibe, with paintings and murals depicting some of the city's most famous artists.

FedExForum was the first arena to utilize new "see-through" shot clock units which allow spectators seated behind the basket to see the action from the game without having the clocks interfere with their view. The idea came when a fan of the NBA's New Jersey Nets who sits behind the basket at Continental Airlines Arena sent an e-mail to NBA Commissioner David Stern, asking for technology to improve his view, and Daktronics obliged with the experiment at FedExForum in 2004.

The NBA approved the unit a year later for full use and has seen the new units installed at the Wachovia Center, Charlotte Bobcats Arena, and TD Banknorth Garden after the approval.

The facility has hosted the Conference USA men's basketball tournament since 2005. It will be the site of the one of the four Regional finals in the 2009 NCAA Men's Division I Basketball Tournament, and one of the four Regional finals in the 2010 NCAA Women's Division I Basketball Tournament. FedExForum has also hosted two major professional wrestling events: WWE Unforgiven on September 16, 2007 and the PMG Clash of Legends independent show on April 27 of that year. The main event on the latter card was Hulk Hogan versus Paul Wight.