Incumbent Democrat Ray Mabus unsuccessfully ran for reelection to a second term.

This is the last gubernatorial election where the Democratic candidate carried any of three counties (Hancock, Harrison and Jackson) along the Mississippi Gulf Coast.

According to The New York Times, Mabus had to fend off charges that he was "arrogant and out of touch with Mississippi politically", and was perceived as a "Porsche politician in a Chevy pickup state".

The runoff election was won by businessman Kirk Fordice, who defeated State Auditor Pete Johnson.

Fordice was the first successful gubernatorial candidate since 1975 to spend less than $1 million during their campaign.