Considered a five-star recruit by Rivals.com, Hood was ranked as the No. 5 small forward and the No. 16 player in the nation in 2011. In October 2010, he committed to Mississippi State University.

In July 2012, Rodney transferred to Duke University. Despite having to sit out the 2012-13 season in accordance with NCAA transfer rules, he consistently helped the team improve in practice and quickly established himself as one of the top players on the team.

In April 2014, Hood declared for the NBA draft, forgoing his final two years of college eligibility.

On June 26, 2014, Hood was selected with the 23rd pick in the 2014 NBA draft by the Utah Jazz, later signing his rookie-scale contract with the team on July 11. On March 16, 2015, he finished with a season-best 24 points after converting 9-of-11 shots from the field and 5-of-5 from behind the arc; thus he helped the Jazz beat the Charlotte Hornets, 94–66, their sixth consecutive win.

Having solidified his role in the starting lineup, Hood started in all 79 of the games that he played in 2015–16. He established himself as a go-to offensive option and reliable asset all around. Hood had 61 outings with double digits and 15 with 20-plus points. On January 2, 2016, he posted a career-high 32 points against the Memphis Grizzlies as the Jazz secured a 92–87 win in overtime.

In the 2016–17 season opener on October 25, Hood added 26 points, to include a rim-rattling dunk and consecutive jumpers in the third quarter to give Utah a 77–71 lead, though the Jazz ultimately fell to the Portland Trail Blazers, 113–104. On December 16, 2016, he hit the first game-clincher of his NBA career, pulling up for a three-pointer in transition with 0.8 seconds left; the shot secured a 103–100 victory over the Dallas Mavericks. He finished the contest with 15 points. On January 13, 2017, he scored a season-high 27 points during a 110–77 win over the Detroit Pistons. He recorded a new season-best 28 points on March 5 as the Jazz defeated the Sacramento Kings, 110–109, in overtime.

On January 3, 2016, Hood’s fiancée and college sweetheart, Richa Jackson, gave birth to the couple’s first child, a son.

On July 29, 2016, Hood married Jackson in Oklahoma City, Oklahoma.

In the 2017–18 campaign, Hood scored a season-high 25 points, 15 of which were in the third quarter, as he helped the Jazz rally and defeat the Dallas Mavericks, 104–89, on October 30, 2017. On November 18, during a 125–85 victory over the Orlando Magic, he set a new season high with 31 points and did so coming off the bench. Hood did not finish the season with Utah before being traded.

On February 8, 2018, Hood was acquired by the Cleveland Cavaliers in a three-team trade that also involved the Jazz and the Sacramento Kings. In his debut for the Cavaliers three days later, he scored 15 points during a 121–99 win over the Boston Celtics. The Cavaliers made it to the 2018 NBA Finals, but would lose 4–0 to the Golden State Warriors.

On September 10, 2018, Hood re-signed with the Cavaliers. On October 30, in a 136–114 victory over the Atlanta Hawks, he scored a season-high 26 points to help snap Cleveland’s six-game losing streak.

On February 4, 2019, Hood was traded to the Portland Trail Blazers in exchange for Nik Stauskas, Wade Baldwin IV, and two future second-round picks. On March 3, 2019, he scored a season-high 27 points, all in the second half, in a 118–108 win over the Charlotte Hornets. In Game 6 of the Trail Blazers’ second-round playoff series against the Denver Nuggets, Hood scored a playoff career-high 25 points in a 119–108 victory. On December 6, 2019, the Trail Blazers announced that Hood would be out for the rest of the 2019–2020 season and may miss the start of next season as well since he incurred a torn left Achilles during a 136–113 loss to the Los Angeles Lakers.