In the 1969–70 season, the Knicks won a franchise record 60 games and set a then single season NBA record with an 18-game win streak. In 1970, Reed became the first player in NBA history to be named the NBA All-Star Game MVP, the NBA regular season MVP, and the NBA Finals MVP in the same season. That same year, he was named to the All-NBA First Team and NBA All-Defensive First Team, as well as being named as ABC's Wide World of Sports Athlete of the Year, and the Sporting News NBA MVP.
Reed's most famous performance took place on May 8, 1970, during game seven of the 1970 NBA Finals against the Los Angeles Lakers in Madison Square Garden. Due to a severe thigh injury, a torn muscle that had previously kept him out of game six, he was considered unlikely to play in game seven. However, Reed surprised the fans by walking onto the court during warmups, prompting widespread applause. Starting the game, he scored the Knicks' first two field goals on his first two shot attempts, his only points of the game. Following the game in the winner's locker room, a moved Howard Cosell told Reed on national television, "You exemplify the very best that the human spirit can offer."