The Republican candidate, Jim Gilmore, the Attorney General of Virginia defeated the Democratic nominee, Don Beyer, the incumbent Lieutenant Governor.

Consequently, both candidates were seen as their respective party's heir apparent to replace term-limited Governor George Allen.

Doing so was seen as tradition, and also as a way to avoid any appearance of impropriety from receiving campaign funds from companies the Attorney General's office might be involved with.

[9][10] The election was hard-fought and a dead heat, with polls from the summer into September showing little movement between either candidate.

[17] Beyer also was unable to secure the endorsement of former Governor L. Douglas Wilder, which was seen by many as a rebuke towards his campaign, and was believed to hurt his ability to mobilize Black voters.