Six horses entered, and Secretariat won by 2+1⁄2 lengths ahead of Sham in front of a record crowd of 61,657 spectators.

In the period leading up to the Preakness, Kentucky Derby winner Secretariat was pegged as the favorite to win the race.

Secretariat would go on to win the Belmont Stakes in the succeeding weeks, becoming the ninth horse to complete the Triple Crown of Thoroughbred Racing and the first in 25 years.

[3][4] The horses officially registered that day were Our Native, Secretariat, and Sham, along with new runners Deadly Dream, Ecole Etage, The Lark Twist, and Torsion.

[4][5][6] A day later, Deadly Dream's trainer stated that he was unsure about racing his colt because he felt the horse could not match Secretariat, Sham, or Our Native.

[3] However, on the 17th, Boyce attempted to re-enter The Lark Twist, but was denied under the Rules of Racing of Maryland which stated that the scratching of a horse was irreversible.

[8] In the days between the Derby and the Preakness, groom Eddie Sweat noted that it was strange not having any rumors circulating about Secretariat's health.

[9] Aside from Sham and Secretariat, Our Native was selected by Joe Nichols, a writer for The New York Times, as an outside contender for victory.

[8] In pre-race interviews, Deadly Dream's trainer Bud Delp believed he could challenge for third place as he had no "illusions about beating Secretariat and Sham.

"[7] Of the remaining contenders, Deadly Dream had won the fourth race of his three-year-old campaign at Penn National, previously winning the Allegheny Stakes and the Militia Handicap.

[2] Torsion entered the race with a most recent finish of fifth place in the Preakness Prep and two wins in twelve career starts, one as a two-year-old and one as a three-year-old.

[13] Out of the starting gate, Ecole Etage took the lead, ahead of Torsion, while race favorite Secretariat exited last.

[10] While Sham was able to successfully gain stride, Deadly Dream began to run towards the railing and collided with it when entering the first turn.

[10][16] Secretariat held the lead for the remainder of the race and crossed the finish line in first position, 2+1⁄2 lengths ahead of Sham.

The electronic Visumatic timer on the field read 1:55, while Daily Racing Form clockers Gene Schwartz and Frank Robinson timed Secretariat at 1:53+2⁄5, which would have broken the track record.

[19] Jockey Ron Turcotte secured his second Preakness victory, having previously won with Tom Rolfe in 1965.