The 82nd Indianapolis 500 was held at the Indianapolis Motor Speedway in Speedway, Indiana on Sunday, May 24, 1998. This was the first Indianapolis 500 fully sanctioned by the Indy Racing League after the IRL relied on USAC to sanction the 1996–1997 races. The race was part of the 1998 Pep Boys Indy Racing League season.

Eddie Cheever, Jr., a former Formula One competitor and Indy rookie in 1990, highlighted his racing career with this lone Indianapolis win. Cheever finished three seconds ahead of second place Buddy Lazier, the 1996 winner. The 1998 race ushered in a compacted, two-week schedule for the Indy 500, omitting an entire week of practice, and trimming qualifying from four days down to two.

During time trials, Billy Boat secured the first pole position at Indy for the Foyt team since 1975.

This was the first Indianapolis victory for the Dallara chassis. In the second year utilizing the 4.0 L, normally aspirated, 32-valve production-based engines (Aurora L47 and Infiniti VH), qualifying speeds climbed, topping out nearly six miles per hour faster than 1997.

* Includes days where track
activity was significantly
limited due to rain

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