Ayrton Senna took pole position, his first since the 1992 Canadian Grand Prix, breaking a streak of 24 consecutive poles for Williams. Prost qualified alongside him on the front row. Damon Hill in the second Williams and Michael Schumacher in the Benetton started from the second row. Mika Häkkinen in the second McLaren and Gerhard Berger in the Ferrari occupied the third row, though Berger's Saturday qualifying times were removed due to exceeding the 12-lap limit. Despite his Ford V8-powered McLaren being the fastest qualifier, Senna was 15 km/h (9 mph) slower on the Brabham Straight than Hill's Renault V10-powered Williams.
The race required three attempts to start. On the first attempt, Martin Brundle's Ligier was left on the grid during the formation lap, and Ukyo Katayama stalled his Tyrrell. The second attempt was aborted when Eddie Irvine missed his grid slot and stalled his Jordan. Katayama and Irvine were sent to the back of the grid for the third, successful start.
Senna maintained his lead into the first corner, with Prost, Hill, and Schumacher holding their positions. Häkkinen had a poor start and dropped behind Berger. Senna established a small lead while the two Williams cars and Schumacher remained close. Schumacher pitted early on lap 15 but retired on lap 20 due to engine failure. Senna made his first pit stop on lap 24, allowing Prost to lead until his own stop five laps later. Häkkinen's race was further hampered by a slow pit stop, which allowed Jean Alesi and Brundle to pass him, before his brakes failed on lap 29.
Senna made his second pit stop on lap 55, by which time the Williams cars had already completed their second stops, allowing the Brazilian to maintain a significant lead. Alesi overtook his teammate Berger, and Riccardo Patrese passed Brundle. On lap 61, Hill attempted to surprise Prost for second place, but Prost blocked him, causing Hill to spin and lose time, though he retained his position.
Senna won the race by nine seconds over Prost, with Hill finishing 24 seconds further back. Alesi and Berger were fourth and fifth, both one lap down. Patrese was set to finish sixth in his 256th and final race, but a drop in fuel pressure on the last lap handed the final point to Brundle.
During the podium celebrations, Senna invited Prost to join him on the top step, a gesture that marked an easing of their long-standing rivalry. Senna later described the race as "the end of an era." Following the race, Tina Turner performed a concert as part of her What's Love? Tour. Senna made an appearance on stage during the concert, and Turner, in tribute, re-performed her song "The Best."
Prost concluded his Formula One career with his fourth Drivers' Championship and 99 points. Senna's victory secured him second place in the standings with 73 points, ahead of Hill with 69. Schumacher finished fourth with 52 points, followed by Patrese with 20, Alesi with 16, Brundle with 13, Berger with 12, Johnny Herbert with 11, and Mark Blundell with 10. In the Constructors' Championship, Williams finished with 168 points, doubling McLaren's tally of 84. Benetton was a close third with 72 points, while Ferrari (28) edged out Ligier (23) for fourth. With Prost's retirement, the Williams cars would carry the numbers 0 and 2 for the 1994 season.
This race was Senna's last victory, and the last time he would finish on the podium, score points, or complete a race. It was also the last win for a Brazilian driver until Rubens Barrichello at the 2000 German Grand Prix. The event marked the final F1 Grand Prix to feature a car powered by a Lamborghini V12 engine (the Larrousse LH93). It was also the last race without in-race refuelling until the 2010 Bahrain Grand Prix, and the last race for cars with active suspension and electronic driver aids, which were banned by the FIA for the next seven seasons. McLaren surpassed Ferrari as the most successful F1 constructor in terms of wins with this victory, a record they held until the 1995 Canadian Grand Prix. It was also the last pole position and win for McLaren in their Marlboro livery until the 1997 season. The race also marked the final sponsorship by Canon for the Williams team and by Camel for the Benetton team, as they switched to Rothmans and Mild Seven respectively for the 1994 season. Riccardo Patrese and Derek Warwick also retired from F1 after this race, with Patrese having competed in a then-record 256 Grands Prix.