Indianapolis was once again counted for the World Championship but there were no European drivers entered and Jack McGrath set the pace in qualifying as he had the previous year. There was a nasty accident in qualifying involving Manuel Ayulo, who later died of his injuries.

A few days later news came from Europe that Alberto Ascari had been killed in an unexplained testing accident in a Ferrari sportscar at Monza.

On race day McGrath took the lead followed by Tony Bettenhausen but it was clear in the early laps that Bill Vukovich was going after a third consecutive win and he was ahead by the fourth lap. McGrath responded and retook the lead. The two battled and then Vukovich pulled away. At quarter-distance Rodger Ward lost control of his car in Turn Two. Two other drivers collided trying to avoid the crash and Vukovich arrived to find the track blocked. He hit one of the cars and his car was launched into a series of cartwheels which ended with the wreck over the wall in flames. Vukovich was killed. The race went on with Jimmy Bryan battling for the lead with Bob Sweikert. Sweikert would emerge the winner but it had been a disastrous day.