The Timberwolves and Grizzlies were tied at 97-97 with about six seconds remaining in the bonus period before Towns hit the shot in the 99-97 victory on Wednesday at the Target Center in Minneapolis.
Timberwolves forward Andrew Wiggins dribbled toward the 3-point arc at the start of the sequence. He eventually threw up a long-range jump shot, but the attempt clanked off of the back iron.
Towns pulled in the rebound on the right baseline before dribbling back out toward the 3-point arc. He turned around before he reached the boundary and threw up a high heave as he faded away from the hoop. The buzzer sounded just as the ball left his hands.
Towns sank the prayer, handing the Timberwolves a two-point victory.
"The basketball gods hadn't been treating well all night," Towns told Fox Sports. "I'm just glad that when my team needed me the most, I made the shot."
Towns said he knew the shot was in as soon as he let it go.
"It felt good," he said.