NBA Ballers: Rebound is a PSP version of the NBA Ballers franchise with features more akin to the PSP, such as utilizing the D-pad for movement as opposed to the console versions using the analog control. Players can also play as top NBA players at the time, such as Shaquille O'Neal and Kobe Bryant, on street courts in arcade-style action.

Players can compete in various modes such as TV Tournament and a "story mode" called Rags to Riches, where the player can create their own "baller" and bring him up through the ranks, defeating top players of the game and gain notoriety, starting from friendly encounters at local street courts to taking on the big boys in televised events.

Players winning these matches will earn money they can use to buy jewellery (better know as "bling") and update their "crib" with more accessories as time passes in the game. The style of play is similar to NBA Jam, with arcade style one-on-one action with insane moves like half-court dunks and complicated alley-oops. Stringing these moves together will build a meter called the "House Meter", filling it will give the player the ability to use a special alley-oop called the "juice house", which will shatter the backboard and destroy the basket, giving the player an automatic win despite the score of the game.

Players can also compete against each other using the Ad-Hoc, in one-on-one matches, using the players created "ballers" or unlocked professional players and play in "cribs" designed by the players in the game.