On October 31, 2015, Conley surpassed Shareef Abdur-Rahim (7,801) for third on the Grizzlies' career scoring list. He scored 22 points against the Brooklyn Nets to finish the game with 7,821 career points. On January 18, 2016, Conley returned to the lineup after missing six games with a sore left Achilles and recorded his third double-double of the season with 15 points and 10 assists, helping the Grizzlies defeat the New Orleans Pelicans 101–99. Earlier that day, he was named one of the 30 finalists for the 2016 U.S. Olympic team. On March 12, he was ruled out for three to four weeks with a left foot injury. He was later ruled out for the rest of the season on April 4 following a re-evaluation by team doctors, and hoping to return during playoffs. The injury-riddled Grizzlies finished seventh in the Western Conference, and without Conley and Marc Gasol, they were swept by the San Antonio Spurs in the first round of the playoffs. On April 23, Conley was awarded the NBA Sportsmanship Award for the second time.