Three-time defending IndyCar champion Dario Franchitti entered the season seeking his fourth consecutive championship and fifth overall.

Heading into the final race of the season, Power led Ryan Hunter-Reay by 17 points in a two driver fight for the championship.

(R) – Rookie The 2012 season saw the implementation of IndyCar's new ICONIC Plan (Innovative, Competitive, Open-wheel, New, Industry-relevant, Cost-effective), the biggest change to the sport in recent history.

[52] Under the new ICONIC regulations, all teams will compete with a core rolling chassis, called the "IndyCar Safety Cell",[52] developed by Italian designer Dallara.

Teams will then outfit the chassis with separate body work, referred to as "Aero Kits", which consist of front and rear wings, sidepods, and engine cowlings.

ICONIC committee member Tony Purnell gave an open invitation to car manufacturers and companies such as Lockheed Martin and GE to develop kits.

[56] Owners expressed their desire to introduce the new chassis/engines for 2012, but have all participants use the Dallara aerodynamic package in 2012, and delay the introduction of multiple aero kits until 2013.

[63][64] Despite the generational change of chassis and engines, the wheel rim and Firestone Firehawk tire sizes would remain same until at least 2024 season.

The 2012 schedule included the following 15 races: O  Oval/Speedway R  Road course S  Street circuit The first official test of the Dallara DW12 chassis was carried out by Dan Wheldon at Mid-Ohio on August 8, 2011.

[105] Honda (Scott Dixon) and Chevrolet (Will Power) began Phase II of on-track testing at Mid-Ohio in early October.

Testing resumed in late October and continued through February at several venues including Sebring,[107] Fontana,[108] Homestead,[109] Phoenix,[110] and Sonoma.

For 2012, as in recent years, the IndyCar Series schedule split its television coverage between ESPN on ABC and NBC Sports Network (formerly Versus).

As a result of logistics, NBC Sports Network aired 2012 Summer Olympics coverage during the time and ESPN's broadcast and production crew were working the NASCAR Nationwide Series U.S. Cellular 250 during a split race weekend for the two NASCAR national series), the August 5 race at Mid Ohio that aired on ABC used the NBC Sports Network crew.

The drivers selected were: No shows were produced at São Paulo, Detroit, Milwaukee or Edmonton, whereas frontrunners Ryan Briscoe, Dario Franchitti and Scott Dixon were not featured.