In the 2013–14 season, Frazier scored eleven three-pointers in a win against South Carolina, setting a school record. He also set a school record for made three-pointers in a season. His junior season was derailed significantly by a high-ankle sprain suffered in the game against Kentucky. On March 27, 2015, Frazier declared his eligibility for the 2015 NBA draft.
After going undrafted in the 2015 NBA draft, Frazier joined the Golden State Warriors for the 2015 NBA Summer League. On August 25, 2015, he signed with the Los Angeles Lakers. However, he was later waived by the Lakers on October 20 after appearing in four preseason games. On October 31, he was acquired by the Los Angeles D-Fenders of the NBA Development League as an affiliate player of the Lakers. On November 24, he made his professional debut in a 94–90 win over the Oklahoma City Blue, recording three points, two rebounds and one assist in four minutes.
On January 16, 2016, he was traded to the Iowa Energy in exchange for a 2016 second-round pick and the returning player rights to Kendrick Perry. Two days later, he made his debut for Iowa in a 98–94 loss to Raptors 905, recording one assist and one steal in nine minutes. On March 6, he was waived by Iowa.
On March 10, he was acquired by the Fort Wayne Mad Ants. The next day, he made his debut for Fort Wayne in a 106–99 loss to the Westchester Knicks, recording three points in 12 minutes off the bench.
On June 27, 2017, Frazier signed with German club MHP Riesen Ludwigsburg. However, on August 12, 2017, Ludwigsburg voided Michael Frazier's contract due to an injury.
For the 2018–19 season, Frazier was named to the training camp roster of the Rio Grande Valley Vipers of the G League. In 45 games, he averaged 16.9 points, 5.6 rebounds, 3.3 assists, and 1.5 steals. On March 29, 2019, the NBA G League announced that Frazier won the Most Improved Player honor.
Houston Rockets (2019–present)
On April 6, the Houston Rockets signed Frazier to a minimum contract. In a press release published by the Rockets the next day, they announced he would be on G League assignment. Frazier was released on October 18, 2019, but was re-signed to a two way contract two days later. The Rio Grande Valley Vipers suspended him one game without pay after leaving the bench during an altercation in a 132-109 loss to the Memphis Hustle on December 17. On January 9, 2020, Frazier made his NBA regular season debut scoring 3 points in five minutes in a loss to the Oklahoma City Thunder.
