Paul George scored 33 points - going 7 of 10 from 3-point range - and Carmelo Anthony and Steven Adams had 18 points each for Oklahoma City, which has won six straight and is 12-3 in December.
The Thunder won despite being on the wrong end of a 23-2 run in the first half, during which the Raptors built a 12-point lead.
C.J. Miles led the Raptors with 20 points, while Jonas Valanciunas added 16 and DeMar DeRozan had 15.
Toronto entered the game as the hottest team in the Eastern Conference, but lost its second game in as many nights and fell to 10-3 in December. Miles went 6 of 12 from 3-point range but the Raptors otherwise struggled from behind the arc, finishing 11 of 38.
The Thunder posted a sizable 52-34 edge in rebounding.
Oklahoma City rallied to take a 66-63 halftime lead and outscored Toronto 18-10 over the final 5:41 of the third quarter. The Thunder went up 102-88 on a late 3-pointer by Raymond Felton, then pulled away in the fourth quarter, their lead peaking at 117-96 with 4:47 left on a 3-pointer by George .
Oklahoma City jumped to a 32-23 lead with 2:30 left in the first quarter, but the Raptors seized control with a 23-2 run and led 46-34 after Deion Wright's three-point play with 9:55 left in the half. The Thunder rebounded to take a seven-point lead before settling for a 66-63 halftime lead.
Raptors: Serge Ibaka, a fan favorite during his seven seasons for the Thunder before being traded in June 2016, received a hearty ovation during pre-game introductions and waved to the crowd. . The Raptors went 24 of 26 from the free-throw line, with Jakob Poeltl responsible for both misses. . Lucas Nogueira got in the game late in the fourth quarter, after missing the previous 11 games with a right calf injury.
Thunder: Westbrook and Valanciunas each received a technical foul after a second-quarter skirmish, and later in the quarter, Adams and Valanciunas were called for a double foul after getting tangled up under the Toronto basket. . The Raptors' 38 points were the most in the first quarter by a Thunder opponent this season. . The game was delayed about 3 minutes in the third quarter after a small electrical fire by one of the catwalks at Chesapeake Energy Arena.
Raptors: Host Atlanta on Friday.
Thunder: Continue their four-game home stand, hosting Milwaukee on Friday.
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