On June 26, 2011, Fraser was traded by the Oilers to the Los Angeles Kings, along with a seventh-round pick in 2012, for Ryan Smyth. Fraser scored the Kings' first goal in Game 1 of the 2012 Stanley Cup Finals against the New Jersey Devils, a 2–1 Kings overtime victory. He won his second Stanley Cup on June 11, 2012, with the Kings. He then signed a two-year, $1.65 million contract extension on June 23. On February 8, 2014, the Kings placed Fraser on waivers for the purpose of demoting him to the Manchester Monarchs of the AHL. On April 22, the Kings then recalled Fraser during the first round of the 2014 Stanley Cup playoffs against the San Jose Sharks; however, he did not appear in any playoff games and was not an official member of the Kings' Stanley Cup-winning team; his name was not engraved on the Cup.