Secretariat won the Derby in a record time of 1:59+2⁄5, 2+1⁄2 lengths ahead of Sham, while Our Native finished in third position.

In the days leading up to the race, Secretariat was seen as the favorite to win by many; however there were doubts about him following a third-place finish at the Wood Memorial Stakes two weeks prior to the Derby.

As the horses entered the homestretch, Secretariat passed Sham in the final furlong and distanced himself to consolidate his lead.

[9] Secretariat's third-place finish led spectators and sportswriters to question his ability and health;[10] but it was later thought that his performance in the Wood had been affected by a mouth abscess discovered prior to the race.

[11][12] It was his first defeat since he had finished fourth in his first race and had been relegated from first to second place because of an infraction during the Champagne Stakes, both of which occurred during his two-year-old campaign.

[16] Secretariat also won the two races he had entered prior to the Wood Memorial, the Gotham and Bay Shore Stakes.

[4] Flamingo Stakes winner Our Native finished first or second in seven of his nine starts during the 1973 season, causing him to be named as a contender.

[5] Impecunious, who was victorious in the Arkansas Derby,[4] was initially entered in the race, but withdrew two days before because of a bruised heel.

[3][6] Shecky Greene, Angle Light, and Royal and Regal were thought to be the only horses in the field that had "appreciable early speed" and would challenge to be the leader out of the gates.

[3] Braulio Baeza was chosen to jockey My Gallant, after being dropped by the owners of Shecky Greene in advance of the race because they were unsure whether that horse would be entered into the Derby.

[1][3] Chicago Tribune writer David Condon chose Shecky Greene to win the race because he felt the course was suited for him and because his great-grandfather was Bull Lea, who sired three Derby winners.

[24] Dwight Chapin of Los Angeles Times and author Timothy Capps credited the increased attendance due to Secretariat's loss at the Wood.

[13] A half-mile in, Shecky Greene maintained a three length lead over Gold Bag, but his pace had slowed compared to the first quarter.

[13] At the three-quarters post, at the start of the homestretch, Shecky Greene began to fade and Sham overtook him to move into first going into the final furlong.

Sham maintained his stride and crossed the line in second place, eight lengths ahead of third-place finisher Our Native,[25] who had lost ground on the final turn into the homestretch.

"[25][26] With Secretariat's victory, trainer Lucien Laurin had his second consecutive win in the Derby, as Riva Ridge won in 1972.

[25][26] Turcotte accomplished a similar feat as he had ridden Riva Ridge,[25][26] marking the third time a jockey had won in the Derby in consecutive years.