In June 2007, Jones was traded to the Portland Trail Blazers along with the draft rights to Rudy Fernandez, the 24th pick in the 2007 NBA draft, in exchange for cash considerations. In late January 2008, Jones was leading the NBA in three-point percentage with a percentage slightly over 50%. He missed 12 games from February 4 to 27 with a knee injury. He had also missed 12 games in November 2007 due to knee problems, spending five games on the inactive list and seven as a DNP-CD. Jones finished the 2007–08 season third in the league in three-point percentage with a percentage of 44.4%. Despite his good shooting for the year, he was not selected to participate in the Three-Point Contest during the 2008 NBA All-Star Game, much to the chagrin of Trail Blazers fans. He played in 58 games, starting 3, during the season while averaging 8.0 points, 2.8 rebounds and 22.0 minutes per game. The Trail Blazers finished the 2007–08 season with a 41–41 record. That season was the only time in Jones's NBA career that he missed the playoffs. He was also never on a team with a losing record. On June 26, 2008, he used his player option to opt out of his contract with the Trail Blazers, making him a free agent for the off-season.