[9] On the day of the race, the Kentucky Derby winner Orb was bet down further from even money of 1–1 on the morning line down to a prohibitive odds-on favorite at 3-5 by post time.

Passing the stands for the first time Oxbow moved to the lead and led by one and one half length over Goldencents completing the first quarter mile in a slow :23-4/5.

[10] Making a point to ride three to four paths off the rail Oxbow's jockey Gary Stevens slowed down the pace of the race.

Racing down the backstretch and entering the final turn Oxbow's lead dwindled to only a length and a half with Goldencents and Itsmyluckyday within striking distance.

At the top of the lane Oxbow hit another gear and widened his lead to three lengths over Itsmyluckyday who went six wide and made a menacing run toward the front.

Just after the wire NBC announcer Tom Hammond exclaimed, "Gary Stevens just stole the Preakness," with Oxbow becoming the first wire-to-wire winner of the race since Aloma's Ruler in 1982.