It consisted of 16 races, beginning in Homestead, Florida on March 3 and concluding in Monterey, California on September 8.

The PPG Indy Car World Series Drivers' Champion was Jimmy Vasser, whose Honda/Reynard won four of the first six races, including the inaugural US 500.

The competition soon starting catching up to Vasser, who had to fend off two late challenges from veterans: Al Unser Jr.'s consistent performance saw him come close to tying Vasser late in the season, but his hopes evaporated after a last-lap crash at Mid-Ohio Sports Car Course and an engine failure while leading on the final turn at Road America.

The following teams and drivers competed in the 1996 Indy Car World Series season.

– Toronto was scheduled to run 170 miles, but was shortened due to the fatal accident of Jeff Krosnoff.