There were 25 cars for the British Grand Prix including the new Surtees. Frank Williams returned to action with a new De Tomaso chassis for Brian Redman, while Clay Regazzoni was back in the second Ferrari. Mario Andretti reappeared in an STP March and Team Lotus entered a third car (an old 49) for rising star Emerson Fittipaldi, Jochen Rindt having already told Colin Chapman that he intended to retire at the end of the season. In the course of qualifying Rolf Stommelen demolished the second Brabham, without hurting himself, but was out for the rest of the weekend. Redman was withdrawn when the De Tomaso suffered a rear hub failure.

Rindt was fastest in qualifying with Jack Brabham (Brabham) and Jacky Ickx (Ferrari) sharing the front row. Jackie Oliver was quick in the BRM and qualified fourth ahead of Denny Hulme's McLaren while the third row featured Regazzoni, John Miles (in the second Lotus 72) and Jackie Stewart's Tyrrell March.

Ickx took the lead from Brabham at Druids after going through Paddock Hill Bend side by side. For six laps the Ferrari stayed ahead but at the start of lap seven the car suffered a transmission failure in Paddock Hill Bend. At the same moment Rindt challenged Brabham and the Austrian emerged in the lead. Brabham did not give in and for most of the race the two stayed close together. Oliver ran third for most of the race but on lap 55 the BRM engine failed. This promoted Hulme to third place.

On lap 69 Rindt missed a gear. In a moment Brabham was ahead and it looked as though the race was over until the last lap when the car ran out of fuel on the run to the finishing line. Brabham was forced to coast for home and Rindt was able to close up the 13 seconds he had lost and crossed the line to win as the Brabham trickled towards the line. Hulme was too far back to grab second and had to settle for third place.