The Hoosiers received 21 out of a possible 31 first-place votes and 761 overall points from a panel of coaches.
Indiana, which went 27-9 and reached the Sweet 16 last season, returns four starters, including star center Cody Zeller. The Hoosiers begin their season Nov. 9 against Bryant.
Louisville is second in the poll and received five first-place votes. The Cardinals also return several key players from last year's squad, which reached the Final Four after winning the Big East tournament.
Louisville has 20 more overall points than defending national champion Kentucky, which is third in the poll and received the five other first-place votes despite losing all five starters from last season.
Big Ten rivals Ohio State and Michigan are fourth and fifth, respectively. North Carolina State is sixth, followed by Kansas and Duke. Syracuse and Florida rounded out the top 10.