The 78th Indianapolis 500 was held at the Indianapolis Motor Speedway in Speedway, Indiana on Sunday, May 29, 1994. The race was sanctioned by United States Auto Club (USAC), and was included as race number 4 of 16 of the 1994 PPG IndyCar World Series. For the second year in a row, weather was nary a factor during the month. Only one practice day was lost to rain, and pole day was only partially halted due to scattered showers. Warm, sunny skies greeted race day.

The 1994 PPG Indy Car World Series season was the 16th national championship season of American open wheel racing sanctioned by CART under the name "IndyCar". The season consisted of 16 races. Al Unser Jr. was the national champion, his second CART title, and the rookie of the year was Jacques Villeneuve. The 1994 Indianapolis 500 was sanctioned by USAC, but counted towards the CART points championship. Al Unser Jr. won the Indy 500 from the pole position, his second career victory in that event.