The 1973–74 Capital Bullets season was the team's first in Washington, D.C. area, southwest from nearby Baltimore. Prior to the 1973–74 season, the Baltimore Bullets relocated to Landover, Maryland, a suburb east of Washington, and became the Capital Bullets. It was also their only season under the Capital Bullets name. They also rebranded their jerseys, eschewing the previous orange and blue look for red, white, and blue.

The Bullets finished with a 47–35 record and won the Central Division. Wes Unseld was limited to 56 games due to injuries. In the playoffs, the Bullets fell to the New York Knicks for the fifth time in six years, eliminated in seven games. Following the season, the team was renamed as the Washington Bullets.

The new Capital Centre opened on December 2, 1973; the Bullets played their earlier home games this season at Cole Field House at the University of Maryland in College Park. They played several home games at Cole during their last seasons in Baltimore.

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Note: GP=Games played; MP=Minutes Played; FG=Field Goals; FGA=Field Goal Attempts; FG%=Field Goal Percentage; FT=Free Throws; FTA=Free Throws Attempts; FT%=Free Throw Percentage; ORB=Offensive Rebounds; DRB=Defensive Rebounds; TRB=Total Rebounds; AST=Assists; STL=Steals; BLK=Blocks; PF=Personal Fouls; PTS=Points; AVG=Average

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Note: G=Games; MP=Minutes Played; FG=Field Goals; FGA=Field Goal Attempts; FG%=Field Goal Percentage; FT=Free Throws; FTA=Free Throw Attempts; FT%=Free Throw Percentage; ORB=Offensive Rebounds; DRB=Defensive Rebounds; TRB=Total Rebounds; AST=Assists; STL=Steals; BLK=Blocks; TOV=Turnovers; PF=Personal Fouls; PTS=Points

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