As a popular competitive sport, basketball has attracted the attention of many people due to its warm and sunny characteristics. Athletics means results, but not everyone gets the results they want. With the continuous development of technology, people have gradually discovered that the physical function of athletes is one of the important factors affecting the performance of sports. The long-standing principle of “three big and one small” ignores the overall physical fitness of athletes, resulting in insufficient physical coordination and slow performance improvement. Competitive sports have always followed the principle of “three big and one small,” which means emphasizing high-strength and high-intensity training, and fundamentally ignoring the impact of small muscle groups and overall physical fitness on athletes. To overcome this disadvantage, this paper aims to study the physical condition monitoring of basketball players based on the Internet of Things and blockchain. It is expected to use the Internet of Things and blockchain technology to monitor the physical function of athletes in real time, formulate scientific training plans, and improve athletes’ competition. The essence of blockchain is a decentralized database, which is used to verify the validity of messages. With the promotion of Internet technology, it is essential to store and extract information from large network information. This paper compared the results of experimental methods to show the impact of the connection between physical function training and high-level basketball traditional training, proposed a new scalable storage and privacy protection scheme to solve the problem that a large amount of data cannot be stored on the blockchain. The experimental results in this paper showed that the lowest hemoglobin content of athletes before training was 131 g/L, and the highest was 157 g/L, indicating that the athletes were generally in good physical condition at this moment. After training, the lowest hemoglobin content of athletes was 117 g/L and the highest was 131 g/L, indicating that the athlete’s physical function state declined and the training intensity was too high.