The 39th International 500-Mile Sweepstakes was held at the Indianapolis Motor Speedway on Monday, May 30, 1955. The event was part of the 1955 AAA National Championship Trail, and was included in the 1955 World Drivers Championship.

The race is notable to many as the race in which Bill Vukovich was killed in a crash while seemingly on his way to an unprecedented third consecutive Indy 500.

Time trials was scheduled for four days.

Gusty winds, as well as the threat of rain, was observed on pole day, therefore nearly all of the competitors stayed off the track. Around the garage area, the drivers and teams agreed amongst themselves to sit out time trials for the afternoon, and instead qualify together in better conditions on Sunday. However, in the final 20 minutes, Jerry Hoyt, who had not been informed about the agreement, suddenly put his car in line, and pulled away for an unexpected qualifying attempt. His speed of 140.045 mph was not spectacular, but as the fastest (and only) car thus far of the day, he sat on the pole position. Without hesitation, Tony Bettenhausen, Sr. took to the track moments later. After two fast laps, he was slowed by a gust of wind, and qualified second. Sam Hanks and Pat O'Connor got their cars ready, but neither were able to complete attempts. The day closed with only two cars in the field, and Hoyt the surprising pole winner – to the dismay of several in the garage area.

Qualifying resumed in better conditions, and most of the drivers who stayed off the track Saturday took to the track on Sunday. Jack McGrath (142.580 mph) was the fastest qualifier, and lined up third. Hoyt's pole-winning speed from the day before ended up being only the 8th-fastest overall in the field – a record slowest ranked pole speed.

Near the end of the day, Manny Ayulo crashed due to a possible steering fault and died the following day.

* Points towards the 1955 World Drivers' Championship

The race was carried live on the IMS Radio Network. Sid Collins served as chief announcer. The broadcast was carried by 237 affiliates in all 48 states, as well as Armed Forces Radio. The broadcast was dedicated to the memory of Wilbur Shaw, who was killed in a plane crash in October.

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