On February 7, 2001, Allen recorded his first career triple-double with 20 points, 10 rebounds and 11 assists against the Boston Celtics. A few days later, he participated and won his first 3-point shootout during All-Star Weekend. Allen, alongside Sam Cassell and Glenn Robinson, helped lead the Bucks to the Eastern Conference Finals. Allen recorded a new playoff career high with 41 points in a Game 6 victory over the 76ers, but the Bucks ultimately lost in seven games. Allen earned All-NBA Third Team honors in 2001.