The 80th Indianapolis 500 was held at the Indianapolis Motor Speedway in Speedway, Indiana on Sunday, May 26, 1996. This was the first Indy 500 contested as part of the new Indy Racing League, under the overall sanctioning umbrella of USAC. It was the third and final race of the 1996 IRL season. Veteran driver and former AIS champion Buddy Lazier won the race, his first career victory in top-level Indy car competition. Lazier's victory came just over two months after he suffered a broken back in a crash at Phoenix.

A. J. Foyt Racing, officially and historically known as A. J. Foyt Enterprises, is an American racing team in the IndyCar Series and formerly NASCAR. It is owned by four-time Indianapolis 500 winner, 1972 Daytona 500 winner, 1967 24 Hours of Le Mans winner, and two-time 24 Hours of Daytona winner A. J. Foyt. Foyt won two of his four Indianapolis 500s driving for the team. The team also won the 1999 Indianapolis 500 and the IRL championship in 1996 and 1998.