Race Results for the 1931 Indianapolis 500
| Finish | Start | Car Num. | Driver | Car Name/Entrant* | Make/Model | Status | Laps | Led | Winnings |
| 1 | 13 | 23 | Louis Schneider | Bowes Seal Fast | Stevens/Miller | 96.629 | 200 | 39 | $29,500 |
| 2 | 8 | 34 | Fred Frame | Duesenberg | Duesenberg/Duesenberg | 96.406 | 200 | 0 | $12,650 |
| 3 | 10 | 19 | Ralph Hepburn | Harry Miller | Miller/Miller | 94.224 | 200 | 0 | $6,350 |
| 4 | 35 | 21 | Myron Stevens (R) | Jadson | Stevens/Miller | 94.142 | 200 | 0 | $4,000 |
| 5 | 1 | 4 | Russ Snowberger | Russell "8" | Snowberger/Studebaker | 49.090 | 200 | 0 | $3,500 |
| 6 | 20 | 33 | Jimmy Gleason | Duesenberg | Duesenberg/Duesenberg | 93.605 | 200 | 0 | $2,200 |
| 7 | 5 | 25 | Ernie Triplett | Buckeye | Duesenberg/Duesenberg | 63.041 | 200 | 0 | $1,800 |
| 8 | 9 | 36 | H.W. Stubblefield (R) | Jones-Miller | Willys-Knight/Miller | 92.434 | 200 | 0 | $1,950 |
| 9 | 14 | 28 | Cliff Bergere | Elco Royale | Reo/Reo | 91.839 | 200 | 0 | $1,500 |
| 10 | 15 | 27 | Chet Miller | Marr | Hudson/Hudson | 89.580 | 200 | 0 | $1,400 |
| 11 | 30 | 44 | George Howie (R) | G. N. H. | Dodge/Chrysler | 87.651 | 200 | 0 | $500 |
| 12 | 23 | 12 | Phil Shafer | Shafer "8" | Rigling/Buick | 86.391 | 200 | 0 | $470 |
| 13 | 17 | 8 | Dave Evans | Cummins Diesel | Duesenberg/Cummins | 86.107 | 200 | 0 | $450 |
| 14 | 31 | 72 | Al Aspen (R) | William Alberti | Duesenberg/Duesenberg | 85.764 | 200 | 0 | $425 |
| 15 | 37 | 59 | Sam Ross | Miller | Rigling/Miller | 85.139 | 200 | 0 | $400 |
| 16 | 40 | 69 | Joe Huff | Goldberg Brothers | Cooper/Miller | Running | 180 | 0 | $375 |
| 17 | 4 | 5 | Deacon Litz | Maley | Duesenberg/Duesenberg | Accident | 177 | 0 | $365 |
| 18 | 19 | 37 | Tony Gulotta | Hunt | Rigling/Studebaker | Accident | 167 | 0 | $360 |
| 19 | 18 | 1 | Billy Arnold (W) | Miller-Hartz | Summers/Miller | Accident | 161 | 155 | $8,905 |
| 20 | 12 | 57 | Luther Johnson (R) | Bill Richards | Studebaker/Studebaker | Accident | 156 | 0 | $350 |
| 21 | 36 | 55 | Billy Winn (R) | Hoosier Pete | Rigling/Clemons | Running | 138 | 0 | $343 |
| 22 | 27 | 16 | Frank Brisko | Brisko-Atkinson | Stevens/Miller | Steering arm | 138 | 0 | $343 |
| 23 | 34 | 26 | Gene Haustein (R) | Fronty-Ford | Ford T/Fronty-Ford | Wheel | 117 | 0 | $335 |
| 24 | 16 | 41 | Joe Russo (R) | Russo | Rigling/Duesenberg | Oil | 109 | 0 | $330 |
| 25 | 7 | 17 | Speed Gardner | Nutmeg State | Miller/Miller | Frame | 107 | 0 | $325 |
| 26 | 38 | 14 | Lou Moore | Boyle Valve | Miller/Miller | Differential | 103 | 0 | $320 |
| 27 | 26 | 2 | Shorty Cantlon | Harry Miller | Miller/Miller | Rod | 88 | 0 | $315 |
| 28 | 2 | 3 | Bill Cummings | Empire State | Cooper/Miller | Oil line | 70 | 4 | $710 |
| 29 | 28 | 24 | Freddie Winnai | Bowes Seal Fast | Stevens/Miller | Accident | 60 | 0 | $303 |
| 30 | 11 | 32 | Phil Pardee (R) | Duesenberg | Duesenberg/Duesenberg | Accident | 60 | 0 | $303 |
| 31 | 3 | 31 | Paul Bost (R) | Empire State | Rigling/Miller | Crankshaft | 35 | 2 | $495 |
| 32 | 22 | 35 | Frank Farmer | Jones-Miller | Willys-Knight/Miller | Rod bearing | 32 | 0 | $290 |
| 33 | 32 | 58 | George Wingerter (R) | Wingerter | Duesenberg/Duesenberg | Fuel tank | 29 | 0 | $285 |
| 34 | 25 | 7 | Louis Meyer (W) | Sampson | Stevens/Miller | Oil leak | 28 | 0 | $330 |
| 35 | 6 | 39 | Babe Stapp | Rigling & Henning | Rigling/Duesenberg | Oil Leak | 9 | 0 | $275 |
| 36 | 24 | 48 | John Boling | Grapho Metal | Morton & Brett/M&B | Rod | 7 | 0 | $270 |
| 37 | 29 | 54 | Leon Duray | Duray | Stevens:Whippett/Duray | Overheating | 6 | 0 | $263 |
| 38 | 33 | 49 | Harry Butcher | Butcher Brothers | Buick/Buick | Accident | 6 | 0 | $263 |
| 39 | 39 | 10 | Herman Schurch | Hoosier Pete | Rigling/Clemons | Transmission | 5 | 0 | $255 |
| 40 | 21 | 67 | Francis Quinn (R) | Tucker Tappett | Miller/Ford A | Rear axle | 3 | 0 | $250 |
* - complete car name/entrant data not available for all entries
(R) - Indicated Rookie
(W) - Indicates Past Winner










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