After setting the fastest lap in the one-hour qualifying session, Coulthard started the race on pole position alongside teammate Mika Häkkinen.

McLaren decreased Ferrari's World Constructors' Championship lead to ten points, while Williams moved from sixth to third with 13 races remaining in the season.

It was held on 15 April 2001 at the 17-turn, 4.933 km (3.065 mi) anti-clockwise Autodromo Enzo e Dino Ferrari in Imola, Emilia-Romagna, Italy,[1][4][5] outside of San Marino which lacks the facilities to host Formula One races.

[8][11][21] Arrows collected aerodynamic data from driver Jonny Kane during straight line speed testing at France's Lurcy-Lévis track.

"[24] Michael Schumacher, the pre-race bookmakers' favourite,[7] acknowledged that it was normal to not win every race in a season and said his team could return to form at Imola.

[26] Driver Juan Pablo Montoya was acquainted with Imola from International Formula 3000 in 1998 and felt his car would be suited to the circuit but not performing as well as in Brazil, adding, "I have only been here once before in my life.

"[27][28] Multiple teams updated their cars for the race, while several squads experimented with different brake ducts for improved cooling and installed downforce-reliant aerodynamic packages.

[29][30]: 536–537  Arrows fitted a front wing with a wider flap to increase downforce while Jos Verstappen's car had a minor suspension modification made of steel rather than carbon fibre due to a lack of time.

[40][41] Coulthard went off the circuit after losing control of his car and becoming stuck in the Acque Minerali corner's gravel trap with 13 minutes left in the session due to a gear selection issue.

[49][50] On his second lap of the session,[51] Burti lost control of his car's rear entering Tosa corner, severely damaging the front suspension hitting the tyre barrier.

Coulthard, Räikkönen, Frentzen, Heidfeld, Ralf Schumacher, Panis, Arrows's Enrique Bernoldi and Häkkinen occupied positions three to ten.

[30]: 109 [62] Michael Schumacher, who adjusted the rear wing settings to increase downforce,[59] lost time through two driver errors, while Barrichello was delayed by slower cars.

Räikkönen qualified ahead of teammate Heidfeld for the first time in 2001, securing tenth after running across the grass after braking too early for the final turn.

Burti was the slower Jaguar driver in 15th due to a slow gearbox downshift and a misfiring engine, causing him to go onto the grass at turn three during his final run.

[30]: 317 [58] Marques completed the starting order in 22nd;[62][64] he failed to find a suitable car setup, and on his final run, a slow front-left puncture developed.

Alesi and Mazzacane went off the circuit, while Alonso's run was disrupted by mechanical troubles that saw him stop on the side of the track, although he was able to continue driving after returning to the pit lane and switching to the spare car.

[59][82] Michael Schumacher appeared to slow exiting the final curve ending lap three after reportedly selecting third gear when mounting the kerbs and his right rear wheel was off the track surface.

This launched him over the high kerb at the Variante Alta chicane, onto the grass, and damaged his car's front-right suspension against the tyre wall at the turn's exit.

[30]: 369, 416 [79] Panis was slowing Barrichello due to understeer and electronic gear selection issues until the latter passed him on the inside at the Rivazza turn for sixth on the same lap.

[37][59][79] Räikkönen in ninth was racing Panis when the steering wheel disconnected from the spline cresting the hill on the straight connecting the Tosa hairpin and Piratella turn.

[30]: 265, 416 [77] Michael Schumacher got a puncture on his left front wheel rim due to the brake caliper becoming too hot, resulting in its failure on the following lap.

Michael Schumacher completed one exploratory lap before Ferrari summoned him into the pit lane to retire for safety reasons after discovering more problems with his car.

[30]: 239, 416 [77][83] Villeneuve was set to score points[44] until he pulled over to the side of the track when oil smoke emitted from his car's rear exhaust system on the following lap.

[30]: 416 Irvine, in ninth, pulled over to the side of the track with smoke streaming from his car's air intake box when his engine failed on the same lap.

[30]: 161, 416 [81][77] On lap 54, Marques stopped alongside the pit lane barrier, with smoke billowng from his car's rear due to an airbox fire, presumably caused by a leaky fuel line.

[64] Häkkinen finished fourth despite nose cone damage from a minor first-lap collision with Trulli, which caused his McLaren's front end to loosen.

[88] Asked if Ferrari's tyre selection was the right one, he replied, "At the end of the day we had a good tire for the race, but we may have been slow a little bit in qualifying, and that was probably a mistake.

"[90] Williams technical director Patrick Head characterised Schumacher's form at Imola as "perfect", stating, "Winning for the first time helps you a lot.

"[93] Frentzen blamed a slow start for his inability to compete for a better finishing position but said, "Scoring a point for sixth place was some consolation but, to be honest, we need to step up our performance a bit more.

[94] Montoya claimed he might have finished on the podium and said that a cockpit warning light informed him of a clutch issue five laps before his second pit stop.