[4] The 2014 Kentucky Derby winner California Chrome was the morning line favorite at 3–5 and drew the number three post position.

[5][6] The other entrants included Pablo Del Monte, whose owners opted not to run in the Kentucky Derby after he was made eligible by the scratch of Hoppertunity; Federico Tesio winner Kid Cruz; Illinois Derby winner Dynamic Impact; Bayern, trained by Bob Baffert; Social Inclusion, who ran third in the Wood Memorial and was second favorite on the morning line at 5–1;[5][7] and the filly Ria Antonia, winner of the Breeders' Cup Juvenile Fillies (via disqualification of first-place finisher She's a Tiger) and sixth in the Kentucky Oaks.

[5][8] The addition of Ria Antonia marked the first time that a female horse and a woman trainer had all competed in the Preakness in the same year; Rosie Napravnik rode Bayern, and Kid Cruz was trained by Linda Rice.

[10] California Chrome proved victorious at the Preakness in 1:54.84, 1-1/2 lengths ahead of rival Ride on Curlin, who was followed by Social Inclusion.

Pablo Del Monte and Ria Antonia took early leads out of the gate, but quickly fell behind and were surpassed.