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The Rockets acquired all-star power forward Charles Barkley in 1996, but were unable to advance past the Western Conference finals. Each one of the aging trio of Olajuwon, Drexler, and Barkley had left the team by 2001. The Rockets of the early 2000s, led by superstars Tracy McGrady and Yao Ming, followed the trend of consistent regular season respectability followed by playoff underachievement as both players struggled with injuries. After Yao's early retirement in 2011, the Rockets entered a period of rebuilding, completely dismantling and retooling their roster.
The acquisition of franchise player James Harden in 2012 launched the Rockets back into perennial championship contention throughout the rest of the 2010s, with no losing seasons in Harden's nine-season tenure with the team. Harden led the team to two Western Conference finals appearances (both times losing to the Golden State Warriors). Prior to the 2020–21 season, head coach Mike D'Antoni and general manager Daryl Morey left the organization, prompting Harden to seek a trade. He was traded to the Brooklyn Nets which started a rebuilding period.
Moses Malone, Hakeem Olajuwon, and James Harden have been named the NBA's MVPs while playing for the Rockets, for a total of four MVP awards. The Rockets, when piloted by Morey, were renowned for popularizing the use of advanced statistical analytics (similar to sabermetrics in baseball) in player acquisitions and style of play.