It was won by Tazio Nuvolari of Italy, driving for the works Alfa Romeo team, won the race by just 2.8 seconds from the privateer Alfa of Rudolf Caracciola, who, despite having a contract for 1932, was not yet part of the official works team.

Caracciola might have had an opportunity to pass Nuvolari for the lead, after the Italian's car developed fuel pick-up issues, but he decided instead to remain behind the Alfa Romeo team leader.

The 1931 Monaco Grand Prix runner-up Luigi Fagioli completed the podium in third for the Maserati team.

[1] Official timing for practice sessions was introduced for this year.

Although practice laps had been officially timed, the grid was still determined by ballot.