After graduating from Carver High School in Chicago, Hardaway attended the University of Texas at El Paso and won the Naismith Award for the best college player. He was selected with the 14th pick of the first round of the 1989 NBA Draft by the Golden State Warriors. Hardaway played for the Warriors until the middle of 1995-96 season when he was traded to the Miami Heat along with Chris Gatling where he played until 2001. After that, he split his second last season with the Dallas Mavericks and the Denver Nuggets before playing ten games for the Indiana Pacers in his final season. In 2003, he announced his retirement from the game due to knee injuries.

In his best seasons, Hardaway averaged 18 to 23 points and 8 to 10 assists per game. He reached 5000 points and 2500 assists faster than any NBA player, except Oscar Robertson. Hardaway has competed in five NBA All-Star Games. He is the Miami Heat's all time leader in assists and together with center Alonzo Mourning led the Heat to some of the franchise's best seasons. He was an MVP candidate following the 1996-1997 season, making it to the All-NBA First Team after leading the Heat to the best record in franchise history while averaging 20.3 points, 8.6 assists, and being fourth in the league with 203 three-point baskets.

He has a wife, Yolanda, and two children.