The junior suffered the injury while playing basketball Sunday. An MRI on Wednesday revealed the torn meniscus. He will miss at least six weeks.
"Malcolm has been performing very well during our off-season workouts," Howland said in a statement. "We expect he will be better than ever following the surgery."
Lee, who was highly recruited out of J.W. North in Riverside, Calif., averaged 12 points, 4.4 rebounds and 3.1 assists per game last season for the Bruins.
Blair Angulo is the author of the UCLA blog for ESPNLosAngeles.com