The 28th International 500-Mile Sweepstakes Race was held at the Indianapolis Motor Speedway on May 30, 1940. The winner was Wilbur Shaw in the same Maserati 8CTF he had driven to victory in 1939. Shaw became the first driver in the history of the race to win in consecutive years. It also marked Shaw's third win in four years, making him the second three-time winner of the race. Shaw's average speed was 114.277 mph, slowed by rain which caused the last 50 laps to be run under caution. Shaw took home $31,875 in prize winnings, plus additional prizes that included a car and a refrigerator.

Warren Wilbur Shaw was an American racing driver. The second three-time winner of the Indianapolis 500, he is also remembered for serving as president of the Indianapolis Motor Speedway from 1945 until his death in 1954.