The principality's first Grand Prix was organised in 1929 by Antony Noghès, under the auspices of Prince Louis II, through the Automobile Club de Monaco (ACM). The ACM had applied to the Association Internationale des Automobiles Clubs Reconnus (AIACR) to be upgraded to full national status, but their application was refused due to the lack of a major motorsport event held wholly within Monaco's boundaries. To attain full national status, Noghès proposed the creation of an automobile Grand Prix in the streets of Monte Carlo. He obtained the official sanction of Prince Louis II and the support of Monégasque Grand Prix driver Louis Chiron.
The first race, held on 14 April 1929, was won by William Grover-Williams, driving a works Bugatti Type 35B. It was an invitation-only event. Chiron was unable to compete, having a prior commitment to compete in the Indianapolis 500. Chiron took victory in the 1931 race driving a Bugatti. He remained the only native of Monaco to have won the event until 2024.
The race quickly grew in importance after its inception. In 1933, Monaco was ranked as an International Grand Prix, or Grandes Épreuves, alongside the French, Belgian, Italian, and Spanish Grands Prix. That year's race was the first Grand Prix in which grid positions were decided by practice time. The race became a round of the new European Championship in 1936. The last prewar Grand Prix at Monaco was in 1937, as the event was cancelled in 1938 due to lack of profits and demand for appearance money.
The Monaco Grand Prix was included in the new Formula One World Drivers' Championship in 1950. The race provided future five-time world champion Juan Manuel Fangio with his first win in a World Championship race. The Monaco Grand Prix returned in 1955, again as part of the Formula One World Championship, beginning a streak of 64 consecutive years in which the race was held. In the 1955 race, Maurice Trintignant won in Monte Carlo for the first time.
Graham Hill won the race five times in the 1960s and became known as "King of Monaco" and "Mr. Monaco". He first won in 1963, and then won the next two years. Hill's teammate, Jackie Stewart, won in 1966. Hill won again in 1968 and 1969, with the 1969 event being his final Formula One championship victory.
For the decade from 1984 to 1993, the race was won by only two drivers: Alain Prost and Ayrton Senna. Prost took his first Monaco win at the 1984 race. Senna holds the record for the most victories in Monaco, with six, including five consecutive wins between 1989 and 1993. His 1987 win was the first time a car with an active suspension had won a Grand Prix. Senna's fifth win at Monaco in 1992 equalled Graham Hill's record. In 1993, Senna took his sixth win to break Graham Hill's record for most wins at the Monaco Grand Prix.
Michael Schumacher would eventually win the race five times, matching Graham Hill's record. In 2004, land reclamation work was completed, allowing expansion of the pit area. Due to the COVID-19 pandemic, the 2020 Monaco Grand Prix was cancelled, making it the first time the Grand Prix was not run since 1954. The race returned in 2021.
In 2024, Charles Leclerc became the second Monégasque to win the race following Louis Chiron's win in 1931. The 2024 race was the first time the top 10 cars finished in their starting order, and there were no successful overtakes. In November 2024, the ACM signed a new race contract to remain on the F1 calendar until the 2031 season. From 2026, the race will be held on the first weekend of June, and will therefore no longer clash with the Indianapolis 500 and the Coca-Cola 600.
The Grand Prix takes place on the Circuit de Monaco which traverses the narrow city streets of Monte Carlo and La Condamine alongside Monaco's harbour, Port Hercules. It has hosted the Grand Prix every time it has been run since 1929. The race circuit has many elevation changes, tight corners, and a narrow course that requires millimetre accuracy and makes it one of the most demanding tracks in Formula One racing. The circuit includes a tunnel, presenting challenges not faced elsewhere as drivers adjust their vision when entering and exiting.
The Monaco Grand Prix is organised each year by the Automobile Club de Monaco. The practice session for the race was traditionally held on the Thursday preceding the race, but from the 2022 event onwards, the first two Formula One practice sessions were held on Friday, aligning with other Grands Prix. Support races are run on Thursday. The erecting of the circuit takes six weeks, and the removal after the race takes three weeks.
In the 21st century, several commentators and F1 drivers have called the Grand Prix the most boring race of all circuits, both to drive and to watch as a spectator. Criticism has been directed towards how few overtake attempts are performed, as well as how frequently the driver who sets the pole position wins. The 2024 Monaco Grand Prix was considered particularly dull. The following season, the FIA passed a new rule requiring all drivers to make at least two pit stops at Monaco, with the explicit goal of making the race more entertaining.
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