The 1991–92 New Mexico State Aggies men's basketball team represented New Mexico State University in the 1991–92 college basketball season. This was Neil McCarthy's 7th season as head coach. The Aggies played their home games at Pan American Center and competed in the Big West Conference. They finished the season 25–8, 12–6 in Big West play to earn a third-place finish in the conference regular season standings. They won the Big West tournament to earn an automatic bid to the NCAA tournament as No. 12 seed in the West region.