The month of May activities formally began on Saturday, May 13 with the GMR Grand Prix on the combined road course.

[8] Josef Newgarden passed Marcus Ericsson on a frantic restart with half a lap to go following multiple late race incidents to win his first Indianapolis 500.

On May 25, 2022, it was announced that online financial services company Gainbridge reached a multiyear agreement to extend their presenting sponsorship of the Indianapolis 500.

Kyle Kirkwood then won at Long Beach, his first career IndyCar victory, followed by Scott McLaughlin at Alabama.

Álex Palou won the GMR Grand Prix on the Indianapolis Motor Speedway road course, and held the championship points lead going into the Indy 500.

[24] The GMR Grand Prix, including the Road to Indy races, again served as the opening weekend of track activity, on May 12–13.

* 15 minutes of "shakedown testing"available only to Katherine Legge andGraham Rahal due to their car rebuilds/swaps [25] ** Includes days where trackactivity was significantly limited due to rain Source: 2023 Indianapolis 500 Event Schedule All entries utilized a spec Dallara IR18 chassis with universal aero kit and Firestone tires.

[7] Four-time race winner Hélio Castroneves attempted to make his 23rd "500" (all consecutive), leading all active drivers.

Veteran drivers that have not competed in an IndyCar oval race since the previous year's Indy 500 are required to take a refresher test.

[70] IndyCar officials announced on Wednesday, May 24 that Graham Rahal and Katherine Legge would be given a 15-minute session on Thursday to do installation laps for their cars following the accident the entries had been involved in on Monday.

As a shakedown only session, IndyCar ruled that the drivers could not complete full laps around the track and were required return to the pit lane immediately after leaving.

[94] At the start, Álex Palou took the lead of the race ahead of Rinus VeeKay and Felix Rosenqvist, while Scott Dixon moved into fourth.

Shortly after, the first round of scheduled pit stops occurred, with the top two runners emerging in the same order, while Santino Ferrucci moved into third.

[95] The second sequence of pit stops came beginning at lap 60, during which Arrow McLaren teammates Rosenqvist and Pato O'Ward moved into the lead of the race as the result of better fuel mileage than the cars ahead of them.

[96] The first caution period of the day came at lap 91, when Sting Ray Robb slid wide and crashed into the outside wall of turn 1 after being passed by Graham Rahal.

During the stops, Rinus VeeKay lost control of his car exiting his pit stall and spun, collecting Álex Palou in the process.

While both of the early leaders were able to continue in the race, Palou dropped deep in the field after being forced to change the front wing on his car from the damage, while VeeKay received a drive-through penalty for causing the incident.

Further behind, Marcus Ericsson and Josef Newgarden had excellent restarts, moving forward several spots to take fifth and sixth respectively.

[94] The second caution period of the race came on lap 149, when Romain Grosjean lost control of his car in turn 2 and impacted the outside wall.

The tire went over a grandstand and landed on the left front end of a Chevrolet Cruze that was parked in a lot between two sections of seating outside turn two.

[98][99][100] On June 1, four days after the race, Indianapolis Motor Speedway management announced that they would be presenting Matthews with a new car.

[101] With the circuit needing significant cleanup from the accident, IndyCar officials halted the race with the red flag with 14 laps to go.

Ryan Hunter-Reay held the lead at the time of the red flag, but he along with Callum Ilott and Agustín Canapino would need to pit as soon as the race resumed.

O'Ward attempted to pass Ericsson back at turn three, but lost control of his car, spun several times and impacted the outside wall.

Agustín Canapino was forced into the grass trying to avoid McLaughlin, causing him to lose control of his car and also hit the wall.

He stayed in front for the remainder of the lap to win, securing his first Indianapolis 500 victory in his 12th start in the event.

[110] Two additional hours of pre-race coverage on race day morning was carried exclusively on Peacock.

[112] Announcer: Leigh Diffey Color: Townsend Bell Color: James Hinchcliffe NBC Host: Mike Tirico Studio Analyst: Danica Patrick Analyst/Features: Dale Earnhardt Jr.[113] Analyst/Features: Steve Letarte[113] In the United Kingdom, the race was simulcast on Sky Sports Arena, and later on Sky Sports F1 following the conclusion of the 2023 Monaco Grand Prix.

Leading the local presenting team was freelance commentator and broadcaster Tom Gaymor, alongside Mark Blundell and former Indianapolis 500 driver Simona de Silvestro as analysts.

[116] The chief announcer or "Voice of the 500" for the eighth consecutive year was Mark Jaynes with Davey Hamilton as driver analyst.