Palmer won the pole position for the feature race by setting the fastest lap in qualifying but Evans made a brisk getaway to take the lead.
Evans lost grip in his super soft compound tyres and Palmer overtook him for the lead at the start of lap 11.
Nasr was on a fast timed lap and stopped the session temporarily when he braked later than expected, became airborne driving over the Novelle chicane kerbs, and struck the outside barrier.
Although a few minor damp patches were present, wet-weather tyres were not used by anybody but traffic was a factor due to the tight nature of the circuit.
Daniel Abt (Hilmer Motorsport) was provisionally seventh and Racing Engineering teammates Coletti and Raffaele Marciello were eighth and ninth.
Behind him, the rest of the provisional grid consisted of Canamasas, Simon Trummer (Rapax), Arthur Pic (Campos), Nasr, René Binder (Arden International), Kimiya Sato (Campos), Adrian Quaife-Hobbs (Rapax), Tio Ellinas (MP Motorsport), Facu Regalia (Hilmer Motorsport), Conor Daly (Lazarus), Daniël de Jong (MP Motorsport), Negrão, Berthon, Takuya Izawa (ART Grand Prix) and Artem Markelov (Russian Time).
[12] After qualifying, Abt was deemed to have impeded Cecotto and Negrão at two separate points of the track and incurred a three-place grid penalty that dropped him from seventh to tenth.
[11] Similarly, Haryanto, Regalia and Nasr were penalised for the same thing and Markelov was mandated to begin from the pit lane to take a grid penalty he received for causing a collision in the Catalunya sprint race.
[15] Notes: The first race was held over 140 km (87 mi) or 60 minutes (which ever came first) and the regulations required drivers to make one pit stop.
It was run for 100 km (62 mi) or 45 minutes (which ever came first) and, in contrast to the first race, drivers were not required to make pit stops.
[22][23] Nasr made the best start in the field, moving from 18th to 12th by the end of the first lap as Evans opened up a one-second advantage over Palmer at the same time.
However, Evans was prevented from extending his lead further when the safety car was deployed at the beginning of lap two for Regalia who stopped on the inside at the exit of the Tabac corner with a drive train failure that began at the Novelle chicane.
[18][20][23] Evans maintained his lead at the lap four restart and Palmer retained second as the top six drivers began to pull away from Haryanto in seventh.
[23] By this point, Evans lost grip due to worn tyres, allowing Palmer to gradually lower his lead.
[24] Binder tapped his teammate Negrão into a spin and blocked the entrance to the corner; he was stranded in the middle of the circuit and created a traffic jam.
[21][22] This was despite the engines in some cars such as Rossi's and Richelmi's starting to overheat on the downhill approach to Mirabeau corner while stationary in traffic; their on-board computers went into safe mode.
Palmer's main concern, however, was Nasr who made his compulsory pit stop before the stoppage and he required a half a minute advantage over him.
In the meantime, Palmer regained the lead when Vandoorne made his mandatory pit stop on the lap and emerged outside of the top ten.
The final classified finishers were de Jong, Marciello, Daly, Vandoorne, Sato, Rossi and Berthon.
[25] The second race commenced in sunny weather with respective air and track temperatures of 17 °C (63 °F) and 34 °C (93 °F) at 16:10 local time on 24 May.
[27] Haryanto was forced wide by Richelmi and lost momentum, allowing the fast-starting Canamasas to pass him at the exit of Sainte Devote corner.
[29] On the opening lap, Markelov braked abruptly into Massenet corner and Ellinas could not avoid hitting the rear of his car.
[30] Markelov was issued a drive-through penalty for causing the incident,[31] and Ellinas broke his front wing, necessitating multiple visits to the pit lane, putting him a lap behind Richelmi.
[30] On lap three, Marciello earned a drive-through penalty after a driving error while trying to overtake de Jong pushed the latter into a barrier at the Loews hairpin.
[27] On his 54th attempt,[30] it was Richelmi's maiden GP2 Series victory and DAMS' second consecutive win,[32] repeating Coletti's triumph from the 2013 Monaco sprint race.
Coletti, Daly, Rossi, Berthon, Vandoorne, Sato, Negrão, Leal, Abt, Trummer, Marciello, Binder, Regalia and Ellinas were the final classified finishers.
Notes: The top three drivers in both races appeared on the podium to collect their trophies and in separate press conferences.
Palmer said he was unworried about Evans starting on the soft compound tyre and spoke of the importance of passing him after the race stoppage as everybody was on the same strategy.
"[34] After the sprint race, Richelmi commented he was happy to win and emphasised the need to conserve tyre life around Monaco despite degradation not being a major factor, "I cannot find my words…!
"[35] Canamasas said he was happy to achieve his first GP2 Series podium and believed it was better to remain calm in the final third of the lap after observing Coletti's and Trummer's feature race crash, "I’m proud of what we did and I think they’ve done a very good job.