Rose, 25, suffered the injury in a game Friday. Doctors Monday carried out a procedure to repair a tear to the medial meniscus in Rose's right knee, the team said in a brief release.
It added that Rose would miss the rest of the season.
Rose was out for the entire 2012-13 season while he recovered from a torn anterior cruciate ligament tear in his left knee. In 10 games this season, he averaged 15.9 points, 4.3 assists and 3.2 rebounds.
Rose was the first overall selection of the 2008 NBA draft and was the league's Rookie of the Year for 2008-09. He was voted the NBA Most Valuable Player for the 2010-11 season when he averaged 25.0 points and 7.7 assists in 81 games.
He is a three-time all-star selection. In 289 NBA regular-season games, Rose averaged 20.8 points, 6.8 assists and 3.8 rebounds.
Notable deaths of 2014 [PHOTOS]
LeBron James reveals his new Nike shoes