The Lions ran an inbound play with six seconds remaining in the game. Penn State coach Ed DeChellis wanted to put the ball in the hands of freshman forward Geary Claxton, but he was unable to get open.
On the second option, the Lions passed the ball to sophomore guard Ben Luber, who missed a tough 3-point shot, and lost all hope for a comeback.
"It comes down to making that big shot like we talked about," DeChellis said after the game on the Penn State Sports Network. "At this point and time -- and on the road -- you have to strike when you can strike. If we would have done that, we would have put a pretty good scare into them and could have got this thing."
After trailing the Buckeyes (13-7, 2-4 Big Ten) by 11 at halftime, the Lions went on a 10-3 run to open the second half. Claxton's field goal brought Penn State within four before Ohio State's Brandon Fuss-Cheatham hit a 3-pointer to once again put a damper on the Lions' momentum.
Ohio State regained a 10-point lead, and the Lions cut it to four points once again.
The Buckeyes tried to escape one last time when they built an 11-point advantage, but the Lions fought until the last seconds.
"We couldn't make a basket when we needed," DeChellis said. "We turned it over when we didn't need to. It comes down to making that big shot. We had some open shots, and we couldn't get it in the basket."
Penn State couldn't get much to fall in the first half while shooting just 35.7 percent from the field. Junior forward Aaron Johnson finished the game with a season-low three points, but led all rebounders with 13. Johnson converted on a measly 1-of-9 field goal attempts.
Claxton finished as Penn State's leading scorer, recording 18 points and nine rebounds.
Walker was the only other Lion to reach double digits in scoring. He finished with 12 points after shooting 3-for-5 from the field and 2-for-3 from 3-point range.
"I'm just trying to play real hard," Claxton said. "I'm trying to win. I can't say much right now. I'm very frustrated."
The win was big for Fuss-Cheatham, who hails from western Pennsylvania. He scored 15 points.
"It seemed like they left me open a lot," Fuss-Cheatham said. "I take that personal. I don't think this has been like the last three years. ... When guys leave me, I want to hit them with a dagger."
The Associated Press contributed to this report.