It's unclear what type of cancer the 79-year-old Buss is battling, or its severity.
The Lakers did not disclose which hospital is treating him.
Five-time champion Kareem Abdul-Jabbar reacted to the news on Twitter.
"Dr. Buss is an important part of the Laker family so I hope his stay at the hospital is short and he has a speedy recovery. #JerryBuss," he said.
Three-time champ Shaquille O'Neal also tweeted: "Dr. Jerry Buss, thinking about u & wish I could be there, get well soon. I can't wait to see you on 4/2/13. #LoveYou #Lakers"
Fans also reacted to the news.
"He set the standard in professional basketball, and really all of sports, for success," said fan Brandon Flowers.
Buss was hospitalized in August and underwent surgery. The reason for the operation has not been disclosed.
Buss was also hospitalized this past summer for dehydration.