Fernando Alonso had already been crowned world champion at the previous round in Brazil, but the Constructors’ Championship between McLaren-Mercedes and Renault remained contested, with McLaren leading by two points. Before the Grand Prix, Honda announced the acquisition of all shares in BAR. Toyota brought a renewed TF105B to the last two races of the season. Antônio Pizzonia replaced the injured Nick Heidfeld for the final two races, with Nico Rosberg not considered as a replacement due to his lack of experience at the circuits.
Qualifying took place on a wet track, with conditions deteriorating and causing some frontrunners to qualify lower down the grid. Ralf Schumacher qualified on pole, beating Jenson Button by 0.035 seconds. Giancarlo Fisichella was third, and Takuma Sato qualified in fifth place. Michael Schumacher, Fernando Alonso, Kimi Räikkönen, and Juan Pablo Montoya qualified in fourteenth, sixteenth, seventeenth, and eighteenth respectively, with Montoya not setting a timed lap. Jarno Trulli and Tiago Monteiro also failed to set a time. Kimi Räikkönen received a 10-place grid penalty for an engine change. Jarno Trulli spun on a timed lap in turn nine, and Tiago Monteiro spun out in turn nine on the out lap.
Ralf Schumacher led off the start, while Giancarlo Fisichella moved up to second. Takuma Sato ran wide into the gravel at turn one, making contact with Rubens Barrichello and puncturing the Ferrari’s left rear tyre. Alonso made a strong start, climbing to seventh place. Räikkönen went straight on at the Casio Triangle chicane. Juan Pablo Montoya crashed heavily while coming onto the pit straight after contact with Jacques Villeneuve, becoming the first retirement and damaging McLaren’s Constructors’ Championship hopes. The safety car was deployed as a result.
On lap 10, Sato attempted to overtake Jarno Trulli into the chicane, but contact forced Trulli into retirement. Ralf Schumacher was the first of the leaders to pit on lap 13. This allowed Fisichella to take the lead. Alonso overtook Michael Schumacher around the outside of 130R corner on lap 19. Räikkönen passed Fisichella on the pit straight on lap 29 and Alonso passed Schumacher on the pit straight on lap 32.
Räikkönen made his final pit stop on lap 45, handing the lead back to Fisichella. He then began a charge, closing on Fisichella. Alonso passed Mark Webber on lap 49, taking third place. Räikkönen closed to within 1.3 seconds of Fisichella's lead on lap 49 and overtook him into turn one to win the race, his seventh career win.
Jacques Villeneuve had 25 seconds added to his race time for causing Juan Pablo Montoya’s crash. Takuma Sato was disqualified for his collision with Jarno Trulli, which caused the Italian’s retirement. Jarno Trulli started from the pit lane.