In 2002, Olajuwon decided to retire, due to his back injury. In his career, he scored 26946 Points, 13747 Rebounds and 3830 Blocks. He was the most iconic player in Houston Rockets. He won many awards over the period. After retirement, he then started a real estate business and instructs NBA players as well.

Even though he finished his career in Toranto Houston recognized his huge impact on the city and wanted to honor him. His No. 34 jersey was retired on Nov. 9, 2002. At the ceremony, it was announced that a life-sized statue of Olajuwon would be on display at the Rockets' new downtown arena, scheduled to open for the 2003-04 season. However, due to Olajuwon's strict Muslim beliefs, the Rockets instead unvieled a bronze monument honoring Olajuwon outside the arena in 2006.

Following his playing days, Olajuwon spent many NBA offseasons teaching some of the league's young stars -- from Kobe Bryant to Dwight Howard to Amar'e Stoudemire -- ways to improve their footwork in the post.

He was named as one of the Greatest player of NBA history as part of Campaign on 50 years anniversary. He made few endorsement deals as well and became the face of Spalding’s Sport shoes. This made him one of only a few players in any professional sport to endorse a sneaker not from Nike, Reebok, Adidas, or other high end brands. As Olajuwon declared: "How can a poor working mother with three boys buy Nikes or Reeboks that cost $120?...She can't. So kids steal these shoes from stores and from other kids. Sometimes they kill for them."