On May 5, 2012, after promoting his libertarian-oriented political positions to delegates, Johnson received the most votes at the convention and became the official 2012 Libertarian presidential nominee.

This was the most successful result for a third-party presidential candidacy since 2000, and the best in the Libertarian Party's history by vote number at the time.

[6][7] In October of that year, he founded the Our America Initiative, a 501(c)(4) "nonprofit political advocacy committee that promotes common-sense business approaches to governing."

The stated focus of the organization was to "...speak out on issues regarding topics such as government efficiency, lowering taxes, ending the war on drugs, protecting civil liberties, revitalizing the economy and promoting entrepreneurship and privatization.

"[8] The move prompted speculation among media pundits and Johnson's supporters as to whether he was laying the groundwork for a 2012 presidential run.

In December 2009, Johnson hired strategist Ron Nielson of NSON Opinion Strategy to organize the committee.

[12] Throughout 2010, Johnson repeatedly deflected questions regarding his potential presidential candidacy by explaining that his 501(c)(4) status forbade him from expressing a desire to run for federal office.

[13][14][15] In February 2011, Johnson was a featured speaker at both the Conservative Political Action Conference (CPAC) and the Republican Liberty Caucus.

[16] Johnson tied with New Jersey governor Chris Christie for third in the CPAC Straw Poll, trailing only Ron Paul and Mitt Romney.

He met tons of reporters, commanded a small scrum after the vote, and is a slightly lighter shade of dark horse now.

[2] Johnson participated in the first of the Republican presidential debates, hosted by Fox News in South Carolina on May 5, 2011, appearing on stage with Herman Cain, Ron Paul, Tim Pawlenty, and Rick Santorum.

[21] Not being in the debate caused serious long-term problems for the campaign as it became difficult to raise money from donors, Johnson's name being pulled from polls and few opportunities from the media to respond to events.

[31] On April 30, 2012, Johnson formally endorsed retired California Superior Court judge Jim Gray as his choice for running mate on the LP ticket in anticipation of receiving the nomination at the 2012 Libertarian National Convention in May 2012.

The Libertarian Party was able to achieve write-in vote status in Michigan,[35] with Oklahoma the only state to not include Johnson at all.

[49] Johnson and Green Party presidential nominee Jill Stein sued the Commission on Presidential Debates, the Republican National Committee and the Democratic National Committee, alleging that the commission's failure to extend them an invitation to the 2012 violated the Sherman Antitrust Act and the First Amendment.

[59] Johnson finished with 1,247,923 votes,[60] which at that time was an all-time Libertarian Party record in terms of raw total.