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The Thunder overcame an 89-84 deficit in the final 4:36 and took the lead for good at 96-95 on Giddey's layup with 50 seconds remaining.
The last time these teams met, the Grizzlies set an NBA record for margin of victory in a 152-79 thrashing. In the Dec. 2 game — also at FedExForum — Memphis established franchise records for bench points (93) and field goals made (60).
It appeared as if the Grizzlies were going to make another run at a lopsided win at the outset.
Memphis took advantage of poor shooting by the Thunder to build a 16-point lead early in the first half. The Thunder missed 12 of their first 14 shots and trailed 39-23 with eight minutes left in the second quarter.
The Grizzlies failed to capitalize, and the Thunder rebounded. Memphis went five minutes without a field goal shortly afterward and Oklahoma City rallied. With 1:17 to go before the half, the Thunder tied it at 45 on Giddey's corner 3.
The Grizzlies led 50-47 at halftime.
Oklahoma City surged ahead 69-60 late in the third quarter as Luguentz Dort recovered from 1-for-9 shooting in the first half. Dort made three 3-pointers in the quarter, and the Thunder briefly led by 10 points before ending the period with a 74-72 advantage.
Grizzlies: Point guard Tyus Jones did not play because a sprained right finger. Jones started during Morant’s 12-game absence. ... Center Steven Adams had 12 rebounds in the first eight minutes of the opening quarter, the most by a player in a single quarter this season. He finished with 14.
Thunder: Darius Bazley did not start for the second consecutive game. He was demoted before Saturday’s 104-103 win over the Clippers. Bazley is averaging 8.6 points, down from the 13.7 he averaged last season.
Thunder: Host Denver on Wednesday night.
Grizzlies: At Golden State on Thursday night.
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Phil Stukenborg, The Associated Press