A week after the Spanish GP Chris Amon gave March a win in the non-championship International Trophy at Silverstone, where Team Lotus wheeled out new 72s for Jochen Rindt and John Miles. There were two weeks before Monaco and in that time Lotus decided to stick with the old 49s. The field was much as before with the addition of a March for Antique Automobiles, being driven by F1 new boy Ronnie Peterson. Ferrari continued with only one car for Jacky Ickx.

Qualifying resulted in pole position going to Jackie Stewart (Tyrrell March), with Amon alongside him on the front row. Behind then came Denny Hulme (McLaren) and Jack Brabham (Brabham) with Ickx and Matra's Jean-Pierre Beltoise sharing the third row. Then came the second Matra driver Henri Pescarolo and Rindt, while Piers Courage shared the fifth row with Bruce McLaren's McLaren.

The weather was good on race day and Stewart took the lead at the start with Amon, Brabham, Ickx and Beltoise chasing him. In the course of the second lap Beltoise found a way past Ickx, but otherwise the top six remained unchanged until Ickx stopped on lap 12 with a driveshaft failure. Beltoise survived until lap 22 when he had a transmission failure. On the same lap Brabham scrambled past Amon to take second place. Five laps later Stewart's March began misfiring and he dropped away, leaving Brabham in the lead from Amon and Hulme. Things began to go wrong for the McLaren driver soon afterwards with his gears jumping out and so he slipped back behind Rindt and Jo Siffert (Walker Lotus). On lap 61 Amon stopped with a rear suspension failure and so Rindt inherited second place, nine seconds behind the leader Brabham. The Austrian increased his pace and the gap reduced when Brabham was baulked by Siffert. The two cars were nose to tail by the start of the last lap. At the last corner Brabham braked too late and slid into the straw bales, handing victory to Rindt. Brabham rejoined to take second while Pescarolo came home third.