Often regarded as the greatest two-man duel in Indianapolis 500 history, the 1960 race saw a then-record 29 lead changes (a record that stood until 2012).

[3] Rathmann's margin of victory of 12.75 seconds was the second-closest finish in Indy history at the time.

The inaugural 500 Festival Open Invitation was held at the Speedway Golf Course in the four days leading up to the race.

After Carburetion tests, Dempsey Wilson replaced Jimmy Daywalt as the driver for the #23 entry, and the car was moved to the rear of the starting grid.

[5] Two spectators in the infield, Fred H. Linder, 36, of Indianapolis, and William C. Craig, 37, of Zionsville, were killed, and as many as 82 were injured, when a homemade scaffolding collapsed.

Approximately 125–130 patrons had paid a small fee ($5–$10) to view the race from the 30-foot tall scaffolding, erected by a private individual (Wilbur Shortridge, Jr.[8]) and not the Speedway – a practice that was allowed at the time.

Over the years, the private scaffold platforms had become a popular fixture at the Speedway, with often many located around the massive infield.

During the parade lap as the field drove by, the people on the platform began to lean and wave at the cars, which caused the scaffolding to become unstable.

After the accident, the Speedway banned "bootleg" homemade scaffolds at the track, a rule that still exists to this day.

The track management was scrutinized by the state fire marshal and other officials for allowing the scaffolds to be constructed without permits, inspections, or any sort of safety rules.

Other reports even criticized spectators who witnessed the tragedy and did little to offer help, whereas many in attendance were totally unaware of the accident.

Johnny Rutherford, who was attending the race for the first time as a spectator, claims to have witnessed the accident.

[9] In addition, his future wife Betty Hoyer, a student nurse, attended to the scene.

[11] Shortly after the halfway point, Eddie Sachs and Troy Ruttman would both drop out of the race, ultimately leaving Rathmann and Ward to battle it out in front.

In the second half, Rodger Ward had caught up to Jim Rathmann, with Johnny Thomson close behind in third.

After stalling in the pits earlier, the hard charge Ward made to get back to the front was a concern.

With Thomson closing in on the leaders, Ward and Rathmann started charging again, racing each other hard, swapping the lead several times between themselves.

[11] Paul Goldsmith charged from 26th starting position to finish 3rd, holding off 4th place Don Branson by about a car length.

At the time the new world championship was announced and first organized by the CSI, the United States did not yet have a Grand Prix.

[19] The drivers also earned separate points (on a different scale) towards the respective AAA or USAC national championships.