Collison chalked up 17 points and 18 assists, while David West scored 22 and Emeka Okafor 21.
The Hornets trailed by as much as 21 before rallying to beat a Memphis squad that had won 11 consecutive home games.
Marc Gasol and Zach Randolph scored 25 points apiece for the Grizzlies. O.J. Mayo added 17.
New Orleans hit 14-of-16 shots from the field in the third quarter to get back into the game and tied it on a foul shot by Okafor with 25.4 seconds to play in regulation.
Collison came through near the end of overtime with a slam dunk off a block by Mayo that sealed the outcome.
Copyright 2010 United Press International, Inc. (UPI).
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