FedExForum was designed by architectural firm Ellerbe Becket. Concrete work done with the help of Dowco Construction and Apac. The arena is 805,850 ft² (75,000 m²) in size, covering 14 acres (57,000 m²). The Arena is round, with a dome. The playing floor is lower than ground level. It is capable of seating 18,119 for basketball and has 1,000 premiere courtside seats. There are 27 courtside suites, 32 club suites, 4 party suites, and 80 club boxes. It also contains a full-sized practice basketball court, visible from the huge lobby. The plans called for a mass transit bus depot, which brought a federal grant of $6 million, but the depot was changed to a premium parking garage, and Memphis had to return the money.

FedExForum's interior was designed to pay tribute to Memphis' musical heritage, with paintings and murals depicting some of the city's most famous artists including Justin Timberlake, Elvis Presley, and B.B. King. Most of the Arena's restaurants are named in conjunction with FedExForum's overall theme of music with Opus Restaurant and the Blue Note Lounge. The two other restaurants are sponsor-driven with the Lexus Lounge just off the Arena Floor and Jack Daniel's Old No. 7 in the Grand Lobby of the Arena.

FedExForum was the first arena to utilize new "see-through" shot clock units which allow spectators seated behind the basket to see the action without having the clocks interfere with their view. The idea came when a fan of the NBA's New Jersey Nets who sat behind the basket at Continental Airlines Arena sent an e-mail to NBA Commissioner David Stern, asking for technology to improve his view, and Daktronics obliged with the innovation at FedExForum in 2004. The NBA approved the unit a year later for full use and has seen the new units installed at Philadelphia's Wells Fargo Center, Spectrum Center, TD Garden, Moda Center, Capital One Arena, State Farm Arena, and Staples Center after the approval. As of the 2011–12 NBA season every NBA arena had implemented the transparent shot clocks, with Pepsi Center, The Palace of Auburn Hills, Oracle Arena, Target Center, and Sleep Train Arena being the last NBA arenas to install the clocks.

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