Incumbent Democratic governor Austin Peay died in office on October 2, 1927.

In the general election, Henry defeated Republican nominee Raleigh Hopkins with 61.1% of the vote.

In the primary election, Horton turned to Austin Peay's longtime adviser, Luke Lea, publisher of the Nashville Tennessean, to help him win re-election.

A third candidate, Lewis S. Pope also sought the Democratic nomination and had the backing of Peay's widow.

After a hard-fought primary campaign, Horton won the nomination with 97,333 votes to 92,017 for McAlister and 27,779 for Pope.