Rookie Tomas Scheckter led 85 laps, and appeared on his way to a possible victory, which would have marked the third consecutive Indy win for a first-year driver. However, Scheckter crashed while leading with only 27 laps to go. Hélio Castroneves, who also won the 2001 running became the fifth driver in Indy 500 history to win back-to-back races. It is largely considered one of the most controversial races in Indy history.

On the 199th lap, second place Paul Tracy attempted to pass Hélio Castroneves for the lead in the third turn. At the same time, a crash occurred on another part of the track, bringing out the caution flag. Indy Racing League officials ruled that the yellow came out before Tracy completed the pass, and Castroneves was declared the victor. After an official protest was filed, and after an appeals hearing, Castroneves' victory was upheld on July 2, 2002.

About 7.46 inches of rain fell during the month of May, considerably interrupting the on-track activities. The second day of time trials was completely washed out, while Bump Day was cut short due to rain. Likewise, six of the ten practice days were either delayed by moisture or halted due to rain showers. Uncomfortably cold temperatures also were observed during most of the month. Private testing and rookie orientation in April was also hampered several times due to rain and cold temperatures. Race day, however, was sunny, warm, and clear.

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