Orlando Magic (2022–present)
Banchero was selected with the first overall pick by the Orlando Magic in the 2022 NBA draft. During the draft at that time, it was a surprising selection as the Magic were reported to be taking Jabari Smith Jr. with their pick. He made his 2022 NBA Summer League debut on July 7 against the Houston Rockets with 17 points, four rebounds and six assists in a 91–77 win. On October 3, 2022, Banchero made his preseason debut, putting up eight points, two rebounds and one assist in a 109–97 loss to the Memphis Grizzlies. On October 19, Banchero made his regular-season debut, putting up 27 points, nine rebounds, five assists and two blocks in a 113–109 loss to the Detroit Pistons. Banchero also became the first player since LeBron James to put up at least 25 points, five rebounds and five assists in an NBA debut. On November 5, Banchero put up 33 points and 16 rebounds in a 126–123 loss to the Sacramento Kings. He also became the second teenager in NBA history to put up at least 30 points and 15 rebounds in a game, joining LeBron James. At the season's end, Banchero was named the NBA Rookie of the Year and earned NBA All-Rookie Team honors.
On November 2, 2023, Banchero put up 30 points alongside a game-winning layup in a 115–113 win over the Utah Jazz. On November 4, Banchero recorded a 25-point and 10-assist double-double while adding seven rebounds and leading the Magic to a 120–101 win over the Los Angeles Lakers. On November 15, Banchero posted 17 points, nine rebounds, and made a game-winner in a 96–94 win over the Chicago Bulls. On December 6, Banchero put up a then career-high 42 points in a 121–111 loss to the Cleveland Cavaliers. On January 3, 2024, Banchero scored a then career-high 43 points in a 138–135 double-overtime loss against the Sacramento Kings. On January 6, Banchero recorded his first career triple-double with 30 points, 10 rebounds, 11 assists and 3 steals in a 122–120 win over the Denver Nuggets. On February 1, 2024, Banchero was named to his first career All-Star Game as an Eastern Conference reserve. On February 24, Banchero put up 15 points alongside a game-winning jumpshot in a 112–109 win over the Detroit Pistons. On March 21, Banchero recorded his second career triple-double with 20 points, 10 rebounds and 11 assists in a 121–106 victory over New Orleans Pelicans.
On April 20, Banchero played in his first career postseason game, recording 24 points, 7 rebounds and 5 assists, however committing nine turnovers in a 97–83 loss in Game 1 of the First Round to the Cleveland Cavaliers. Trailing 2–0 heading into Game 3, Banchero led Orlando to a 121–83 dominant victory over Cleveland behind his 31-point, 14-rebound performance. In Game 5, Banchero scored a playoff career-high 39 points, along with eight rebounds and four assists in a 104–103 narrow loss to the Cavaliers. Orlando would go on to lose to Cleveland in seven games despite Banchero's 38-point and playoff career-high 16-rebound outing in the 106–94 close-out loss in Game 7.
On October 23, 2024, in the Magic's season-opening game, Banchero put up 33 points and 11 rebounds in a 116–97 win over the Miami Heat. He joined Shaquille O'Neal and Tracy McGrady as the only players in Magic franchise history to put up at least 30 points and 10 rebounds in a season-opening game. On October 28, Banchero put up a career-high 50 points, along with 13 rebounds, nine assists and two blocks in a 119–115 win over the Indiana Pacers. Banchero's 50-point performance made him the fourth player in Orlando Magic history to score at least 50 points in a single game.
On October 30, while playing against the Chicago Bulls, Banchero suffered a torn oblique on his right side. Banchero later stated that he played through the pain, only receiving medical attention after Orlando's loss. On November 1, hours before a game against the Cleveland Cavaliers, Banchero's diagnosis was made public. He was expected to be re-examined four to six weeks following the initial diagnosis, and to sit out indefinitely. Banchero returned on January 10, 2025, posting 34 points and seven rebounds in a 109–106 loss against the Milwaukee Bucks. On February 20, Banchero put up 36 points, 10 rebounds, and five assists in a 114–108 win over the Atlanta Hawks. He joined O'Neal and McGrady as the only players in Magic franchise history to put up multiple games with at least 35 points, 10 rebounds, and five assists.
On July 7, 2025, Banchero signed a five-year, $239 million contract extension with the Magic.
On December 18, Banchero recorded his third career triple-double with 26 points, 16 rebounds, and 10 assists in a 126–115 loss to the Denver Nuggets. On December 29, Banchero posted his fourth career triple-double with 23 points, 15 rebounds and 10 assists in a tight 107–106 loss to the Toronto Raptors.
On April 29, 2026, in Game 5 of the first-round playoff series, Banchero recorded a career-high 45 points, along with 9 rebounds and 7 assists, but the Magic fell 116–109 to the Detroit Pistons. In Game 7, despite Banchero posting 38 points, nine rebounds, and six assists, the Magic were eliminated from the playoffs with a 116–94 loss to the Pistons.
