Austria had hosted Formula One before — the inaugural Austrian Grand Prix was held at the flat and featureless Zeltweg Airfield in 1963 as a non-championship event, and the second in 1970's predecessor year — but the Österreichring represented a dramatic upgrade. Built among the hills above Zeltweg, the new circuit offered sweeping high-speed curves and elevation changes that made it one of the most visually striking venues on the calendar. This was the third Austrian Grand Prix overall and the second to count towards the World Championship.
Heading into the race, local hero Jochen Rindt led the drivers' championship in his Lotus-Ford. The Austrian was in dominant form and was widely expected to challenge for pole position and the race win.
Rindt secured pole position with a time of 1:39.23, underscoring his championship-leading pace. Ferrari's Clay Regazzoni qualified second, with teammate Jacky Ickx starting third. Jackie Stewart's March-Ford was fourth on the grid.
The 60-lap race did not go to plan for Rindt. The championship leader retired from the race with an engine failure, ending what would prove to be his final Formula One World Championship start. Rindt was killed in a qualifying accident at the subsequent Italian Grand Prix at Monza, and he was ultimately crowned 1970 World Champion posthumously.
With Rindt out, Jacky Ickx took control from his third-place starting position and drove to victory in his Ferrari, completing the 60 laps in 1 hour 42 minutes 17.3 seconds. Teammate Clay Regazzoni crossed the line in second, claiming his first podium finish in Formula One. Rolf Stommelen brought his Brabham-Ford home in third — a result that would stand as the only podium of Stommelen's Formula One career.
Tim Schenken made his Formula One debut at this race. Jack Brabham, competing in his final season, set a new record with his 122nd Grand Prix start at the same event.
After the race, Rindt maintained his championship lead with 45 points, but his retirement at Austria added no points. Jacky Ickx moved up with 19 points as the Belgian's win kept his title hopes mathematically alive heading into the remainder of the season. The Ferrari one-two also boosted the Scuderia's manufacturers' standing significantly.
The 1970 Austrian Grand Prix carries heavy historical weight. It was the last race start for Jochen Rindt, who would die weeks later at Monza and become Formula One's only posthumous World Champion. The race also marked significant firsts: the first podium for Clay Regazzoni and the maiden Formula One appearance of Tim Schenken. The Österreichring itself, meanwhile, cemented its reputation as one of the great natural amphitheatres of the world championship circuit, a venue that would host the Austrian Grand Prix for the next two decades.