Despite Daniels' landslide victory, Barack Obama narrowly carried Indiana in the concurrent presidential election; the only Democratic candidate to do so since 1964.

As of 2024, this is the last election Marion County (containing the state's largest city, Indianapolis) would vote Republican for governor and a statewide race.

On the Democratic side, Indianapolis businessman Jim Schellinger and former U.S. Representative Jill Long Thompson announced their candidacies.

Schellinger raised over $1 million in campaign funds, with support of key Democratic officials such as former Indiana House Speaker John R. Gregg, former Indianapolis Mayor Bart Peterson and U.S. Representative Julia Carson.

[1] Long Thompson's support came from Democrats such as popular former U.S. Representative Andrew Jacobs, Jr. and former Indiana First Lady Maggie Kernan.

On June 16, Long Thompson announced that her running mate and the Democratic nominee for Lieutenant Governor would be longtime State Representative Dennie Oxley.