The 80th Indianapolis 500 was held at the Indianapolis Motor Speedway in Speedway, Indiana on Sunday, May 26, 1996. This was the first Indy 500 contested by the Indy Racing League, under the overall sanctioning umbrella of USAC. It was the third and final race of the 1996 IRL season. Buddy Lazier won the race, his first career victory in top-level Indy car competition.

The race was surrounded by months of controversy. Most of the top teams and drivers in Indy car racing chose to boycott the race, protesting a perceived lockout of CART teams by the IRL. Rival teams effectively staged a "walkout" and instead scheduled a competing race the same day, the U.S. 500 at Michigan. Participants in the 1996 Indy 500 included several familiar Indy car teams and owners such as A.J. Foyt, Dick Simon, Hemelgarn, and Menard. However, there were also many new teams, some of which moved up from Indy Lights, AIS, or sports cars. Many of the drivers were inexperienced rookies from an obscure range of backgrounds, giving the impression of a field of replacement drivers. There was only one former Indy winner in the field (Arie Luyendyk), but three former pole position winners entered. In addition, there were no former National Champions in the field for the first time since 1928.

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