The Boston Celtics received the No. 1 overall pick after a trade with the Brooklyn Nets.
The Lakers had to receive a selection in the top three in order to retain their draft pick this year or it would've been sent to the Philadelphia 76ers. The franchise would've also had to send a 2019 first-round pick to the Orlando Magic.
Fans watching the selections at Tom's Urban at LA Live in downtown Los Angeles rejoiced when they learned the Lakers had made the top three in this year's draft.
The Lakers finished with a 26-56 record during the 2016-2017 season, which was third worst in the league behind the Brooklyn Nets and Phoenix Suns.
It was the Lakers first season since the retirement of Kobe Bryant, who won five NBA championships with the franchise, and their first with new head coach and former Laker player Luke Walton running the team.
The 2017 NBA Draft will be the team's first with Magic Johnson as president of basketball operations.
The Lakers selected small forward Brandon Ingram from Duke No. 2 overall in the 2016 NBA Draft and guard D'Angelo Russell from Ohio State No. 2 overall in the 2015 NBA Draft.
UCLA guard Lonzo Ball, Washington guard Makelle Fultz and Kansas forward Josh Jackson are widely regarded as among the best players available in this year's NBA draft.
The 2017 NBA Draft will held at the Barclays Center in Brooklyn, New York, on June 22.