The 2001 No Way Out was the third No Way Out professional wrestling pay-per-view (PPV) event produced by the World Wrestling Federation (WWF, now WWE). It took place on February 25, 2001, at the Thomas & Mack Center in the Las Vegas suburb of Paradise, Nevada. This was the last WWF PPV of the Monday Night Wars era of September 4, 1995, to March 26, 2001, during which the WWF's Monday Night Raw (later Raw Is War) and World Championship Wrestling (WCW)'s Monday Nitro competed for ratings in a weekly Monday night time slot, which is now widely seen as the "golden age" of professional wrestling. The show is widely considered to be one of the greatest WWE pay-per-views of all time.

Seven professional wrestling matches were scheduled on the event's card, which featured a supercard, a scheduling of more than one main event. The first saw The Rock defeat Kurt Angle in a standard wrestling match to win the WWF Championship, despite interference by The Big Show. The other main event was a Two-out-of-three falls match, in which Triple H defeated Steve Austin two falls to one. The featured bout on the undercard was a Fatal Four Way match between defending WWF Intercontinental Champion Chris Jericho, Chris Benoit, Eddie Guerrero, and X-Pac, which Jericho won.