Iverson attended Bethel High School in Hampton, Virginia, and was a dual-sport athlete. He earned the Associated Press High School Player of the Year award in both football and basketball, and won the Division 5 AAA Virginia state championship in both sports. After high school, Iverson played college basketball with the Georgetown Hoyas for two years, where he set the school record for career scoring average (22.9 points per game) and won Big East Defensive Player of the Year awards both years.