The 1998 Pep Boys Indy Racing League was one of relative stability compared to the previous two seasons. For the first time the season consisted of a single and complete spring, summer, and fall like all other forms of motorsport. 15 drivers completed the entire 11 race schedule, twice as many as the previous season. It was also the first complete season for the new Riley & Scott chassis, though it proved unpopular due to its late introduction. A. J. Foyt Enterprises drivers captured 4 wins, the Indy 500 pole, and the championship, arguably the most successful year in the team's history.

The 82nd Indianapolis 500 was held at the Indianapolis Motor Speedway in Speedway, Indiana on Sunday, May 24, 1998. This was the third Indianapolis 500 run as part of the Indy Racing League, but the first fully-sanctioned by the IRL after they relied on USAC to sanction the 1996–1997 races. The race was part of the 1998 Pep Boys Indy Racing League season.