Carmelo Anthony led the way with 41 points, tying Bernard King for the franchise record of three straight games with 40 or more. J.R. Smith posted another 30-point performance.
Brandon Jennings led Milwaukee with 25 points and J.J. Redick added 18 off the bench.
They did so in front of a Madison Square Garden crowd that honored the 1973 champion Knicks at halftime, with Phil Jackson, Jerry Lucas, Dick Barnett, Bill Bradley, Willis Reed and Earl Monroe on hand. MSG color commentator Walt Frazier pulled double duty as one of the honorees.
Unfortunately, New York trailed, 45-36, when the ceremony took place.
The Knicks played uninspired basketball in the first half. They blew numerous layups and shot only 34.1 percent from the field.
Anthony and Smith combined for 25 points by halftime, but the rest of the team made just five of their 22 field-goal attempts through two quarters.
Redick drained four treys in the second quarter and Milwaukee led by as many as 10 points.
Perhaps inspired by the presence of the Knicks' last championship team, New York emerged in the second half and proceeded to shoot the lights out.
It reeled off a 25-2 run and scored 42 points in the third quarter to redeem itself after a lackluster showing in the first half.
The Knicks shot 8-of-13 from downtown in the third quarter, which ended on a buzzer-beating heave from beyond half court by Jason Kidd. The cherry on the sundae, it banked in, though no word on whether Kidd called "glass" as he released it.
The Bucks closed the gap to just six points with under five minutes remaining, but 'Melo scored the game's next nine points to secure the victory.
It was a wild win that came too close for comfort, but the Knicks extended their streak to 11 and sent their fans and past champs home happy.
Now let's go inside the game and hand out grades for all the Knickerbockers.