On Nov. 2, 2001, the Ultimate Fighting Championship was at the MGM Grand Garden Arena in Las Vegas for UFC 34. In the main event, Randy Couture defended his heavyweight title by stopping Pedro Rizzo with vicious ground and pound in the third round. The bout served as the rematch of their all-time classic UFC 31 war, which Couture had won by a razor close decision. Couture would go on to lose his heavyweight belt and suffer his first UFC loss to Josh Barnett in his next fight, and two fights later would drop down to light heavyweight and capture the interim and then undisputed light heavyweight title.

In the co-main event, Matt Hughes avenged the loss of his mentor, former UFC welterweight champion Pat Miletich, by defeating Carlos Newton via slam in the second round, becoming the new welterweight champion and starting the first of his two legendary reigns over the welterweight division. In other main card action, B.J. Penn knocked Caol Uno out in 34 seconds and Josh Barnett submitted Bobby Hoffman. Opening up the card was Frank Mir, who made his UFC debut in style by submitting highly-touted jiu-jitsu ace Roberto Traven with an armbar a little over a minute into the first round.

UFC 34 had a buyrate of 65,000 and had 9,000 people in attendance.