Incumbent President Ion Iliescu led the field in the first round, but was forced into a run off with Emil Constantinescu, candidate of the oppositional Romanian Democratic Convention (CDR).

Constantinescu ran on a quicker transition to a market economy and purging remaining communist influence from the government.

Not only was it believed that his 16-point first-round lead was too large for Constantinescu to overcome, but most of the minor candidates were expected to eventually offer their support to Iliescu in the second round.

In the parliamentary election, Iliescu's Democratic National Salvation Front (FDSN), which had split off from the National Salvation Front (FSN) earlier in the year, emerged as the largest party in Parliament, winning 117 of the 341 seats in the Chamber of Deputies and 49 of the 143 seats in the Senate.

Gheorghe Funar and Ioan Mânzatu openly endorsed Ion Iliescu in the second round.