Terance Mathis was drafted by the Jets in 1990, he was
used as a punt and kick returner. He had 43 kickoff returns for 787 yards, including one touchdown. He also had 19 receptions for 245 yards that season. The following year, he played in all sixteen games for the Jets, starting one. He had 28 receptions for 329 yards and one touchdown. He led the team in kickoff returns, piling up 599 yards. Mathis played with the Jets until 1994, starting two more games and scoring four touchdowns total.

In 1994, Mathis signed as an unrestricted free agent with the Atlanta Falcons. That season, he set a club record by catching 111 passes, becoming the eighth player in the history of the NFL to exceed the 100-catch mark in one season. He also ranked in third in the NFL that season in touchdown receptions. He played on the NFC Pro Bowl squad at the end of the season. He had his second consecutive 1000-yard season the following year despite missing the only two games of his career due to an injury. In 1996, Mathis caught for 771 yards to give him a career total of 3000 yards.

In 1998, Mathis made his first post-season appearance for the Falcons, and made a three-yard touch down catch for the Falcons in Super Bowl XXXIII. He also led the team in receptions in that game, making seven for eighty-five yards. The following season, he passed Andre Rison as the club's all-time reception leader. Two years later, he passed Rison on the team's all-time touchdown list. After the season, he was released from the Falcons, and signed with the Steelers. He did not start a game, but had two touchdown receptions and had 218 reception yards. After he was not re-signed, he retired from the NFL.

He hold Falcons career records in receptions (573), touchdown receptions (57), and receiving yards (7,349).