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Race Results for the 1921 Indianapolis 500
| Finish | Start | Car Num. | Driver | Car Name/Entrant* | Make/Model | Status | Laps | Led | Winnings |
| 1 | 20 | 2 | Tommy Milton | Frontenac | Frontenac/Frontenac | 89.621 | 200 | 90 | $26,200 |
| 2 | 2 | 6 | Roscoe Sarles | Duesenberg Straight 8 | Duesenberg/Duesenberg | 88.608 | 200 | 1 | $10,100 |
| 3 | 8 | 23 | Percy Ford (R) | Chicago Frontenac | Frontenac/Frontenac | 85.025 | 200 | 0 | $5,000 |
| 4 | 9 | 5 | Eddie Miller (R) | Duesenberg Straight 8 | Duesenberg/Duesenberg | 84.646 | 200 | 0 | $3,500 |
| 5 | 13 | 16 | Ora Haibe | Sunbeam | Sunbeam/Sunbeam | 84.277 | 200 | 0 | $3,000 |
| 6 | 14 | 9 | Albert Guyot | Duesenberg Straight 8 | Duesenberg/Duesenberg | 83.035 | 200 | 0 | $2,000 |
| 7 | 10 | 3 | Ira Vail | Leach | Leach/Miller | 80.152 | 200 | 0 | $1,800 |
| 8 | 15 | 21 | Bennett Hill | Duesenberg Straight 8 | Duesenberg/Duesenberg | 79.132 | 200 | 0 | $1,600 |
| 9 | 21 | 8 | Ralph Mulford | Frontenac | Frontenac/Frontenac | Running | 177 | 0 | $1,500 |
| 10 | 17 | 15 | Rene Thomas (W) | Sunbeam | Sunbeam/Sunbeam | Water hose | 144 | 0 | $0 |
| 11 | 18 | 27 | Tom Alley | Frontenac | Frontenac/Frontenac | Rod | 133 | 0 | $0 |
| 12 | 1 | 4 | Ralph DePalma (W) | Ballot | Ballot/Ballot | Rod | 112 | 108 | $10,600 |
| 13 | 4 | 1 | Eddie Hearne | Revere | Duesenberg/Duesenberg | Oil line | 111 | 0 | $0 |
| 14 | 19 | 24 | Jimmy Murphy | Duesenberg Straight 8 | Duesenberg/Duesenberg | Accident | 107 | 0 | $0 |
| 15 | 16 | 17 | Riley Brett (R) | Junior | Brett/Brett | Accident | 91 | 0 | $0 |
| 16 | 23 | 28 | C.W. Van Ranst (R) | Frontenac | Frontenac/Frontenac | Water hose | 87 | 0 | $0 |
| 17 | 3 | 7 | Joe Boyer | Duesenberg Straight 8 | Duesenberg/Duesenberg | Rear axle | 74 | 1 | $0 |
| 18 | 6 | 19 | Jean Chassagne | Peugeot | Peugeot/Peugeot | Lost hood | 65 | 0 | $0 |
| 19 | 5 | 22 | Jules Ellingboe (R) | Frontenac | Frontenac/Frontenac | Steering | 49 | 0 | $0 |
| 20 | 11 | 14 | Andre Boillot | Talbot-Darracq | Sunbeam/Sunbeam | Bearing | 41 | 0 | $0 |
| 21 | 7 | 18 | Louis Fontaine (R) | Junior | Brett/Brett | Accident | 33 | 0 | $0 |
| 22 | 22 | 25 | Joe Thomas | Duesenberg Straight 8 | Duesenberg/Duesenberg | Accident | 24 | 0 | $0 |
| 23 | 12 | 10 | Howdy Wilcox (W) | Peugeot | Peugeot/Peugeot | Rod | 22 | 0 | $0 |
* - complete car name/entrant data not available for all entries
(R) - Indicated Rookie
(W) - Indicates Past Winner
