He spent thirteen years in the NBA (beginning in 1989), most of them with the Orlando Magic. Anderson ended his career in 2002. Anderson went through Simeon Vocational High School in Chicago, and the University of Illinois. He wore No. 25 in honor of his late friend, Ben Wilson. Anderson was the first draft pick in the history of the Orlando Magic, being the 11th pick in the 1989 NBA Draft. He is Orlando's career scoring leader, and was the last original Magic player to leave, playing 10 seasons with the club. A starter for almost all of his career in Orlando, he emerged as the top scorer the year before Shaquille O'Neal was drafted. With the addition of O'Neal and Anfernee Hardaway in consecutive drafts, Anderson, along with Dennis Scott became effective outside scoring options for the Magic, complementing O'Neal's inside play and Hardaway's all-around game tremendously. Anderson led the team in three-pointers made in 1994-95, hitting 179 and averaging just under 16 points per game. The Magic won 57 games, finished with the best recond in the Eastern Conference, and won their first ever Atlantic Division title.

Anderson is best remembered for two incidents during that year's NBA Playoffs, when the Magic reached their one and only NBA Finals. The first occurred in Game 1 of the Eastern Conference Semifinals against the Chicago Bulls. With Magic trailing by one point with under 20 seconds remiaing, Anderson stole the ball from Michael Jordan. The steal led to a basket, giving the Magic the lead. They would go on to win the game, and the series in six games, advancing to the Eastern Conference Finals. After defeating the Indiana Pacers in seven games, the Magic began the NBA Finals at home, hosting the defending champion Houston Rockets. With the Magic up by three points late in the Game 1, Anderson missed four consecutive free throws, and Kenny Smith hit a three pointer, tying the game and sending it to overtime. The Rockets would go on to win in overtime and eventually sweep the Magic, winning their second consecutive NBA Championship. Anderson would play on with the Magic through the lockout-shortened 1998-99 season, after which he was traded to the Sacramento Kings. He played two seasons in Sacramento, averaging a career-low at that point, 10.8 points per contest in 72 games his first season. He would play just 21 games the next season, and just 15 games in his final season, in which he played for the Memphis Grizzlies. On March 10, 2006 the Orlando Magic retired Nick's number 25 during a home game against the Cavailers