Race Results for the 1988 Indianapolis 500
| Finish | Start | Car Num. | Driver | Car Name/Entrant* | Make/Model | Status | Laps | Led | Winnings |
| 1 | 1 | 5 | Rick Mears (W) | Pennzoil Z-7 | Penske/Chevrolet Indy | 144.809 | 200 | 89 | $809,853 |
| 2 | 8 | 20 | Emerson Fittipaldi | Marlboro | March/Chevrolet Indy | 144.726 | 200 | 0 | $337,603 |
| 3 | 3 | 1 | Al Unser (W) | Hertz | Penske/Chevrolet Indy | Running | 199 | 12 | $228,903 |
| 4 | 10 | 18 | Michael Andretti | Kraco | March/Cosworth | Running | 199 | 0 | $192,953 |
| 5 | 19 | 4 | Bobby Rahal (W) | Budweiser | Lola/Judd | Running | 199 | 0 | $151,553 |
| 6 | 18 | 15 | Jim Crawford | Mac Tools/King/Protofab | Lola/Buick | Running | 198 | 8 | $170,503 |
| 7 | 20 | 30 | Raul Boesel | Domino's Pizza | Lola/Cosworth | Running | 198 | 0 | $148,403 |
| 8 | 15 | 97 | Phil Krueger | CNC Systems/Taylor Dist. | March/Cosworth | Running | 196 | 0 | $131,053 |
| 9 | 16 | 22 | Dick Simon | Uniden/Soundesign | Lola/Cosworth | Running | 196 | 0 | $127,428 |
| 10 | 6 | 7 | Arie Luyendyk | Provimi Veal | Lola/Cosworth | Running | 196 | 0 | $123,028 |
| 11 | 13 | 11 | Kevin Cogan | Schaefer/Playboy Fashions | March/Cosworth | Running | 195 | 0 | $141,278 |
| 12 | 33 | 21 | Howdy Holmes | Jiffy Mixes | March/Cosworth | Running | 192 | 0 | $123,728 |
| 13 | 5 | 3 | Al Unser Jr. | Team Valvoline/Strohs | March/Chevrolet Indy | Running | 180 | 0 | $117,753 |
| 14 | 23 | 56 | Bill Vukovich III (R) | Genesee Beer/EZ Wider | March/Cosworth | Running | 179 | 0 | $125,603 |
| 15 | 11 | 24 | Randy Lewis | Toshiba/Oracle/Altos | Lola/Cosworth | Running | 175 | 0 | $115,478 |
| 16 | 28 | 48 | Rocky Moran (R) | Skoal/Trench Shoring | March/Cosworth | Engine | 159 | 0 | $107,228 |
| 17 | 32 | 29 | Rich Vogler | Byrd's/Pepsi/Bryant | March/Cosworth | Accident | 159 | 0 | $106,053 |
| 18 | 21 | 92 | Dominic Dobson (R) | Moore Industries/Columbia Helecopters | Lola/Cosworth | Coolant | 145 | 0 | $107,753 |
| 19 | 25 | 23 | Tero Palmroth (R) | Bronson/Neste/Editor | Lola/Cosworth | Engine | 144 | 0 | $103,728 |
| 20 | 4 | 6 | Mario Andretti (W) | Amoco/Kmart | Lola/Chevrolet Indy | Electrical | 118 | 0 | $130,828 |
| 21 | 27 | 98 | John Andretti (R) | Skoal Bandit | Lola/Cosworth | Engine | 114 | 0 | $106,703 |
| 22 | 30 | 17 | Johnny Rutherford (W) | Mac Tools/King/Protofab | Lola/Buick | Accident | 107 | 0 | $102,303 |
| 23 | 2 | 9 | Danny Sullivan (W) | Miller High Life | Penske/Chevrolet Indy | Accident | 101 | 91 | $214,378 |
| 24 | 26 | 35 | Steve Chassey | Kasale Recycling | March/Cosworth | Accident | 73 | 0 | $99,128 |
| 25 | 31 | 71 | Ludwig Heimrath, Jr. | MacKenzie Funds | Lola/Cosworth | Accident | 59 | 0 | $100,253 |
| 26 | 22 | 14 | A.J. Foyt (W) | Copenhagen-Gilmore | Lola/Cosworth | Accident | 54 | 0 | $98,853 |
| 27 | 14 | 81 | Tom Sneva (W) | Pizza Hut/WRTV | Lola/Judd | Accident | 32 | 0 | $97,328 |
| 28 | 17 | 8 | Teo Fabi | Quaker State/Porsche | March/Porsche Indy | Wheel off | 30 | 0 | $101,878 |
| 29 | 9 | 10 | Derek Daly | Raynor Garage Doors | Lola/Cosworth | Gearbox | 18 | 0 | $97,503 |
| 30 | 29 | 84 | Stan Fox | Copenhagen/Calumet Farms | March/Chevrolet | Engine | 2 | 0 | $113,703 |
| 31 | 7 | 91 | Scott Brayton | Amway Spirit/Lifecycle | Lola/Buick | Accident | 0 | 0 | $96,078 |
| 32 | 12 | 2 | Roberto Guerrero | STP/Dianetics | Lola/Cosworth | Accident | 0 | 0 | $100,828 |
| 33 | 24 | 16 | Tony Bettenhausen Jr. | Hardee's/Sony | Lola/Cosworth | Accident | 0 | 0 | $95,753 |
* - complete car name/entrant data not available for all entries
(R) - Indicated Rookie
(W) - Indicates Past Winner
