The injury came late in the fourth quarter when Grizzlies center Marc Gasol fell onto Cousins' ankle. Cousins was unable to put weight on it afterwards.
Team officials had to carry "Boogie" to the locker room.
X-rays on his ankle after the game came back negative, according to CSN California's James Ham. He was diagnosed with a left ankle sprain.
Prior to Saturday's game, Cousins had been averaging a career-high 27.2 points on 45 percent shooting, along with 11.2 rebounds, 2.9 assists, 1.3 steals, and 1.4 blocks for the now 20-27 Kings.
He finished Saturday with his 13th double-double in 14 games, scoring 17 points and grabbing 14 boards in 30 minutes of action.