The 51st International 500 Mile Sweepstakes was held at the Indianapolis Motor Speedway in Speedway, Indiana, over two days, Tuesday May 30 and Wednesday May 31, 1967. The race was dominated by Parnelli Jones in the radically new, four-wheel drive STP-Paxton Turbocar gas turbine entered by prolific car owner Andy Granatelli. With three laps to go, however, Jones coasted to a stop when a $6 transmission bearing failed. A. J. Foyt assumed the lead, and weaved his way through a pileup on the final lap, to win his third Indy 500 victory.

Foyt's victory was the first Indy 500 win for Goodyear tires since 1919. After leaving the sport in 1922, Goodyear returned to the sport 1964, and in 1967, snapped Firestone's record of 43 consecutive Indy 500 wins.

The race was scheduled for Tuesday May 30. The race started on time at 11:00 a.m. EST, but after only 18 laps, rain began to fall. The race was red-flagged, and the resumption was held at 10:00 a.m. the following day. Though temperatures on Wednesday were cool, skies were sunny, and the race was run to completion.

The annual 500 Victory Banquet was scheduled for Wednesday May 31. After the race was postponed for rain, the banquet was still held as scheduled, which was just hours after the checkered flag fell.

Going into time trials, Mario Andretti was the favorite for the pole position. On the final day of practice, he turned the fastest practice lap in Indy history at over 168 mph. Among the others that were expected to challenge for the front row were Roger McCluskey, A. J. Foyt, and Gordon Johncock. Parnelli Jones, driving the new Granatelli STP-Paxton Turbocar gas turbine was in the top ten of practice speeds, but never on top, and some in the garage area were accusing the team of sandbagging.

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