Scott Dixon set a new Indianapolis 500 pole speed record with a four-lap qualifying average of 234.046 mph in the newly introduced three-round qualifying format, breaking the mark set by Scott Brayton in 1996. It was Dixon's fifth career Indy 500 pole, moving him to second on the all-time list behind Rick Mears. Rinus VeeKay and Álex Palou, both Ganassi drivers, joined Dixon on the front row.
Álex Palou led the opening laps alongside Dixon as the two Ganassi teammates executed a fuel-conservation strategy, trading the lead frequently to manage pace. On lap 39, Rinus VeeKay crashed in turn two under green, triggering the first caution. Chip Ganassi Racing ran first, second, and third in the restart order. Palou's race was compromised at the second caution on lap 67 when pit lane closed precisely as he arrived at his pit box; he was penalized for taking emergency fuel service while the pits were officially shut, dropping him to the back of the field.
Scott Dixon took the lead and largely controlled the middle stages of the race. Pato O'Ward challenged strongly and led during the penultimate pit cycle, but Dixon passed him on the lap 158 restart and resumed command. On lap 175, Dixon locked his rear tires while entering the pit lane, triggering a speeding violation. The drive-through penalty dropped him out of contention despite having led 95 of the race's laps — in the process he set a new all-time record for most career laps led at Indianapolis, surpassing Al Unser's previous mark of 644.
With Dixon penalized, Marcus Ericsson — who had run quietly in the top five throughout — inherited the lead. A late crash by Jimmie Johnson on lap 194 triggered a red flag and reset the race for a two-lap shootout. On the restart, Pato O'Ward drew level with Ericsson entering turn one on the final lap but could not complete the pass. A final caution for Sage Karam's accident in turn two ended the race under yellow, sealing Ericsson's first Indianapolis 500 victory. Ericsson earned $3.1 million from a record purse of $16,000,200.
The win was Chip Ganassi Racing's fifth Indianapolis 500 victory but its first since 2012. Jimmie Johnson, the seven-time NASCAR champion competing in his first IndyCar season, was awarded Rookie of the Year honors despite finishing off the lead lap, a decision that drew criticism from some observers who felt David Malukas — the highest-classified true rookie at 16th — was more deserving.