[1] The candidates standing for election were the incumbent president Václav Klaus and University of Michigan Professor Jan Švejnar.

Klaus was nominated for the second term by the 122 MPs and senators belonging to his Civic Democratic Party on 28 November 2007.

Jan Švejnar, a US-based economist originally from the Czech Republic, stated he would announce in early December whether he will run against Klaus, with the support of former president Václav Havel, the Czech Social Democratic Party and the Green Party, as well as the caucuses of Association of Independent Lists (SNK) and the Open Democracy in the Senate of the Czech Republic which unite independent and liberal Senators from a range of small parties.

Christian and Democratic Union – Czechoslovak People's Party (KDU–ČSL) were unable to unite on a candidate, and remained undecided even after holding talks with Klaus, but they support (together with the ČSSD and the Green Party) a constitutional amendment to have direct presidential elections instead (though such an amendment would only apply from the next election in 2013 onwards).

[7] Švejnar announced on 8 December 2007 that his bid was still alive and that he would decide whether to run in the coming week, depending on the level of support from major parties.

On 11 December 2007 the press stated that he had acquired the support of five analysts and experts to assist him in his bid for the presidency.

[10] As the president is elected by an absolute majority of MPs and senators, Klaus only needs 19 votes from other parties to win re-election.

[13] The former foreign minister Jiří Dienstbier had also been suggested by some Social Democrats and Communists as a possible anti-Klaus candidate.

[21] Each candidate also differs in the views on the economic transformation of the country after the Velvet Revolution and on the environmental issues.

Klaus believes global warming is a hype, when Švejnar insists it is a dangerous threat to our planet.

[28] Prior to the third round of the elections, three lawmakers left the joint session due to health issues: ČSSD deputy Evžen Snítilý and KDU-ČSL senators Josef Kalbáč and Karel Barták.

In the second election, communist party KSČM proposed an additional candidate – MEP and former TV anchorwoman Jana Bobošíková.

Bobošíková was nominated by 17 KSČM deputies, but the Communists stated they would be inclined to support Švejnar under certain conditions.

Bobošíková withdrew her candidacy shortly after the debate and before the first round of voting citing a lack of support for her, boosting Švejnar's chances.

[38] Green MP Olga Zubová was absent from the session due to a surgical intervention she had some time ago.