The Grizzlies, in the midst of a five-game road trip, rebounded to beat Sacramento 103-89 on Tuesday but fell to the Blazers in Portland, 115-96 on Thursday night.
Courtney Lee led the Grizzlies with 18 points while Zach Randolph, who played for the Blazers for the first six years of his career, had 16 points and 10 rebounds.
Damian Lillard scored 27 points, including seven 3-pointers, and Portland used its speed, athleticism and long-range shooting touch to defeat the Grizzlies.
Fourteen of Lillard's points came during a stretch of just under 7 minutes in the third quarter, when the Blazers outscored the Grizzlies 28-9.