The 38th International 500-Mile Sweepstakes was held at the Indianapolis Motor Speedway on Monday, May 31, 1954. The event was part of the 1954 AAA National Championship Trail, and was also race 2 of 9 in the 1954 World Championship of Drivers.

The 1954 Formula One season was the eighth season of FIA Formula One motor racing. It featured the 1954 World Championship of Drivers, and several non-championship races. The World Championship of Drivers was contested over a nine-race series which commenced on 17 January and ended on 24 October 1954. The championship was won by Juan Manuel Fangio, who drove, and won races for both Maserati and Mercedes-Benz throughout the series. Argentine drivers gained the first two positions in the championship, with José Froilán González placing second to his compatriot Fangio.