The 87th Indianapolis 500 was held at the Indianapolis Motor Speedway in Speedway, Indiana on Sunday, May 25, 2003. Two-time defending champion Hélio Castroneves won the pole position and was trying to become the first driver in Indy history to win three in a row. With 31 laps to go, however, Castroneves was passed by his Penske teammate Gil de Ferran, and the duo finished 1-2, with de Ferran winning his first Indy 500.

The race was sanctioned by the Indy Racing League and was part of the 2003 IndyCar Series season. For the 2003 season, the series adopted a new chassis package and saw the introduction of Toyota and Honda to the field. Due to cost issues, and a shortage of engines and drivers, there was considerable concern going into the event that the field might fall short of the traditional 33 starters. On the final day of qualifying, the field was filled, avoiding a PR "black eye."

Former presidents George H. W. Bush and Bill Clinton were in attendance, the first time in Indy history that two former presidents were at the race. It was the elder Bush's second visit to the Speedway; he previously presided over the opening ceremonies of the 1987 Pan American Games, which was held at the track. Rookie A. J. Foyt IV, racing on his 19th birthday, became the youngest driver ever to compete in the race.

For the first time since the 1970s, the race was not announced as a sell out. Since 1985, the race was usually sold out by July of the previous year.

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