The Magic did not disclose financial terms of the contract for the former Indiana guard, who was selected second overall in the 2013 draft. Under the collective bargaining agreement, however, first-round picks sign two-year contracts, while the player's drafting team also holds options for two additional seasons.
Oladipo led the Magic past the Boston Celtics 95-88 on Sunday with 18 points, seven assists, six rebounds and five steals. He also had six turnovers.
He credited his teammates for helping him to overcome any nervousness during his professional debut.
"They definitely helped me a lot today," he said. "Without them I probably would have been all over the place and they kind of settled me down, helped me through my mistakes and just helped me be poised out there. It was fun."