After qualifying second, Ferrari's Carlos Sainz Jr. won the race, two weeks after undergoing an appendectomy that caused him to miss the preceding Saudi Arabian Grand Prix.

[22] The first free practice session was held on 22 March 2024, at 12:30 local time (UTC+11), and was topped by Lando Norris of McLaren ahead of Max Verstappen of Red Bull Racing and George Russell of Mercedes.

[23][24] The second free practice session was held on the same day, at 16:00 local time, and was topped by Charles Leclerc of Ferrari ahead of Verstappen of Red Bull Racing and Leclerc's teammate Carlos Sainz Jr.[24][25] Albon's crash in the first free practice session forced him to miss the second, as Williams had no spare chassis available.

[22] The first session (Q1) saw Carlos Sainz Jr. of Ferrari setting the fastest time ahead of Sergio Pérez and Max Verstappen of Red Bull Racing.

[28] Daniel Ricciardo of RB, who had originally been in tenth, had his lap time deleted due to track limits, resulting in him being eighteenth.

[28] Lewis Hamilton of Mercedes was eliminated in Q2, and was joined by Alexander Albon of Williams, Valtteri Bottas of Sauber, Kevin Magnussen of Haas, and Gasly's teammate Esteban Ocon, who had managed to get the Alpine to Q2 for the first time in the season.

[28][30] Verstappen set the fastest time in the third session to earn pole position, followed by Sainz, to join him in the front row of the grid.

[38] During the closing stages of the race, George Russell of Mercedes fought for sixth place against Fernando Alonso of Aston Martin.

He crashed at turn 6 on the last lap, allowing Alonso and his Aston Martin teammate Lance Stroll to finish in sixth and seventh, respectively.

[41] Sainz's victory was the third of his Formula One career and first in Australia, and brought him to fourth in the Drivers' Championship behind Verstappen, Leclerc, and Pérez.