The event was held at Albert Park Circuit in Melbourne for the 27th time in the circuit's history, across the weekend of 22–24 March. The Grand Prix was the third round of the 2024 Formula One World Championship and the 87th running of the Australian Grand Prix.
Ahead of the weekend race, Max Verstappen led the Drivers' Championship with 51 points, 15 points from his teammate Sergio Pérez in second, and 23 from Charles Leclerc in third. Red Bull Racing led the Constructors' Championship on 87 points, separated from Ferrari by 38 points and McLaren by 59, in second and third, respectively.
The drivers and teams were initially the same as the season entry list with no additional stand-in drivers for the race. However, as Williams was unable to repair damage to Alexander Albon's chassis following a crash during the first free practice session, he was swapped into Logan Sargeant's car, with Sargeant missing the remainder of the Grand Prix weekend. Daniel Ricciardo of RB and Oscar Piastri of McLaren were the first pair of Australian drivers competing at their home Grand Prix since Ricciardo and Mark Webber in 2013.
Tyre supplier Pirelli brought the C3, C4, and C5 tyre compounds (the softest three in their range) designated hard, medium, and soft, respectively, for teams to use at the event. The tyre compounds selected were one set softer than the previous edition of the race.
Spectators were banned from going on the track at any stage of the event, overruling a previous tradition that allowed patrons access after a race.
Three free practice sessions were held for the event. The first free practice session was held on 22 March 2024, at 12:30 local time (UTC+11), and was topped by Lando Norris of McLaren ahead of Max Verstappen of Red Bull Racing and George Russell of Mercedes.
Qualifying was held on 23 March 2024, at 16:00 local time (UTC+11).
The first session (Q1) saw Carlos Sainz Jr. of Ferrari setting the fastest time ahead of Sergio Pérez and Max Verstappen of Red Bull Racing.
The race was held on 24 March 2024, at 15:00 local time (UTC+11), and was run for 58 laps. Polesitter Max Verstappen of Red Bull Racing led the opening lap before being overtaken by Carlos Sainz Jr. of Ferrari on lap two, after Verstappen reported brake issues. Verstappen soon retired from the race due to a brake failure, returning to the pit lane on the fourth lap. Sainz led for the majority of the race and won his first Grand Prix since the 2023 Singapore Grand Prix, with teammate Charles Leclerc taking second.
After the race, Fernando Alonso was given a drive-through penalty, which was converted to a twenty-second time penalty, for "potentially dangerous driving". The event sold out for the first time in its history and set a new attendance record at the circuit for the weekend with 452,055 spectators.
The result enabled both Leclerc and Ferrari to reduce the points deficit in both World Championships. Pérez was demoted to third in the Drivers' Standings with 46 points after being overtaken by Leclerc who moved to 47 points. Sainz's race win promoted him to fourth in the championship, eleven points behind Verstappen, while Oscar Piastri remained fifth with 28 points.