Dr. Steve Yoon performed the procedure in Los Angeles.The Lakers said Russell will be re-evaluated in one week.
Lakers coach Luke Walton said he didn't think Russell would need surgery.
"No, not unless somebody else tells me something different," Walton said before Wednesday night's 149-106 loss to the Golden State Warriors at Oracle Arena. "I like to keep it pretty positive. If they tell me that they think this is going to help and get him back out there, then I'm going with [the idea] that in two weeks, he'll be ready to play again."
Russell, the Lakers' second-leading scorer (16.1 points per game), missed Friday's game against San Antonioand Tuesday's game against Oklahoma City. He had been scheduled to miss Wednesday's game against Golden State, as well.
Walton said he wasn't sure how long Russell has been dealing with this injury.
"It kind of caught me by surprise," Walton said. "He was limping around in practice one day and we took him out because he wasn't running right, and they told me that his knee had been bothering him. I know he played through it; I don't remember the day or for how long, but he was playing through it for a while there and playing good. Obviously, it got worse. But the timeline? I have no idea."
Russell, a formerOhio Statestandout, was the No. 2 overall pick in the 2015 draft.
Lakers starting forward Julius Randle also missed Wednesday's game, with a hip pointer. Randle originally suffered the injury during practice earlier this week.
"He tried to play through it [Tuesday] night," Walton said. "Obviously, he didn't look like the same that he's been the last couple games before that. It's pretty painful every time he cuts or tries to make a basketball move."