In 2002, he reached the goal he set as a rookie, finishing the season with 17,162 career yards and breaking the NFL rushing record previously held by Walter Payton against the Seattle Seahawks. After the season, the Cowboys hired head coach Bill Parcells who wanted to go with younger running backs and released Smith on February 26, 2003.
Smith currently holds the NFL record in career rushing yards with 18,355, breaking the previous record held by Walter Payton, on October 27, 2002. He leads all running backs with 164 career rushing touchdowns, and his 175 total touchdowns ranks him second only to Jerry Rice's 208. The total of his rushing yards, receiving yards (3,224) and fumble return yards (-15) gives him a total of 21,564 yards from the line of scrimmage, making him one of only four players in NFL history to eclipse the 21,000 combined-yards mark. (The others are Jerry Rice, Brian Mitchell and Walter Payton)
In 2002, Smith and his wife founded the Pat & Emmitt Smith Charities as a 501(c)(3) nonprofit with the mission to "seek a reality where children have the resources necessary to realize their full potential."