Irving tweeted about the injury Wednesday.
Scary moment but I'll be good, thanks for everyone's support and concern. — Kyrie Irving (@KyrieIrving) January 1, 2014
Irving fell awkwardly and had to be helped off the floor in the third quarter against the Indiana Pacers. He was examined by a team doctor and returned to play the final minutes as the Cavs lost their sixth straight, 91-76.
Following the game, Irving said he felt a "pop" in his knee and was concerned his injury was serious.
"I thought the worst happened," Irving said. "I felt something pop in my knee. When I came back in, my left knee is pretty weak right now. I was falling all over the place. I didn't have my legs under me. It was a painful experience."
The Cavs (10-21) have lost six in a row. Irving is the team's leading scorer, averaging 22.2 points a game along with 6.1 assists.
The former No. 1 overall pick has been injury prone since coming into the NBA. He missed 38 games in his first two seasons with a variety of injuries, including a broken nose, a fractured jaw, a broken finger, a sprained knee and shoulder, and a concussion.
Irving played in only 11 games as a freshman at Duke because of a foot injury, and he broke his hand after his rookie season when he slammed a padded wall during a summer league practice in Las Vegas.
Irving set a goal to play in all 82 games this season, and hasn't missed one yet. The Cavs will likely take a cautious approach with Irving and may sit him for a game or two.
Cleveland hosts the Magic on Thursday, plays at Brooklyn on Saturday and hosts the Pacers on Sunday.
Information from The Associated Press is included in this report.