Both of the finalists from the year before returned to the Final Four as Florida, who returned its entire starting lineup from the year before, and UCLA advanced. They were joined in the Final Four by Ohio State, who was making its first appearance since their 1999 appearance (later vacated), and Georgetown, appearing for the first time since their national runner-up finish in 1985.
Florida defeated Ohio State in the championship 84–75 to win their second consecutive championship. This marked the second time in 2007 that a Florida team beat an Ohio State team to win a national championship, as Florida's football team won the BCS National Championship Game over Ohio State in January. Florida's Corey Brewer was named the Most Outstanding Player. Florida became the first team to repeat since Duke in 1992.As of 2017, the 2007 Gators are the last team to repeat as national champions.
This tournament was significant because it had many fewer upsets than in previous years. There were only 12 games in which a lower-seeded team defeated a higher-seeded team, and eight of these "upsets" were by teams ranked only one seed lower than their opponent. No. 7-seed UNLV was the lowest-seeded team to make it to the Sweet Sixteen. This marked the second time since the tournament expanded to at least 64 teams that no team seeded No. 8 or lower played in the Sweet Sixteen; the other instance was in 1995. Southland Conference champion Texas A&M-Corpus Christi made their first NCAA appearance.
This was the first Tournament since 2003 that regional sites were designated as "East", "West", "South", and "Midwest", rather than by the names of the host cities.