A high school McDonald's All-American, Carter played three years at the University of North Carolina. While there, he twice reached the Final Four of the NCAA Tournament before being selected as the fifth overall pick in the 1998 NBA Draft by the Golden State Warriors, who traded him to the Toronto Raptors. He won the 1999 NBA Rookie of the Year Award and won the Slam Dunk Contest at the 2000 NBA All-Star Game the following season. That summer, he represented the United States in the Summer Olympics, winning a gold medal.

He quickly emerged as a league star, entertaining crowds with his leaping ability and slam dunks, earning him nicknames such as "Vinsanity," "Air Canada," and "Half-Man, Half-Amazing."

He led the Raptors to their first three playoff appearances. In 2004, he was traded to the New Jersey Nets, and he helped lead them to three playoff berths. In July 2009, Carter was traded to the Orlando Magic, helping them to advance to the Eastern Conference finals before being traded to the Phoenix Suns in December, 2010 and then the Dallas Mavericks in 2011. 

Off the court, Carter established his Embassy of Hope Foundation, assisting children and their families in Florida, New Jersey and Toronto. He was recognized in 2000 as Child Advocate of the Year by the Children's Home Society, and received the Florida Governor's Points of Light award in 2007 for his philanthropy in his home state.

Carter scored his 20,000th point in 2011, becoming the 37th player in league history to do so.