In 1954, redevelopment of the Autodromo Nazionale Monza circuit began for the first time since 1948, concentrating on rebuilding the oval portion of the track which had been abandoned during World War II.
The southern Sud Alta Velocita corner was relocated, moving it northward by several meters, shortening the lap distance length to 4.25 km (2.64 mi).
The reconstruction was completed in August 1955, in time for the Formula One Italian Grand Prix, which combined the new oval with the Monza road course for a full 9.8 km (6.1 mi).
[1] The following year, Giuseppe Bacciagaluppi, then president of the Automobile Club of Milan and chairman of the Autodromo Nazionale Monza, invited Duane Carter, competition director of USAC, to attend the second running of the Italian Grand Prix on the new circuit.
Bacciagaluppi and Carter believed that an oval race held in Europe instead of the United States could attract Formula One teams, and USAC and the Automobile Club of Italy began work on making such an event possible.
In preparation, Firestone Tire and Rubber Company transported a USAC Kurtis Kraft–Chrysler to Monza in April 1957 in order to conduct tests on tyres made for the event.
[3][4] A further three entries arrived from the World Sportscar Championship, thanks to the Scottish Ecurie Ecosse Jaguar team, who had just won the 24 Hours of Le Mans the weekend before.
Maserati chose to not return the following day, joining the already withdrawn Ferrari, and leaving the race without any Formula One machinery.
[1] Eight other USAC cars also qualified, with Paul Russo in the other Novi Special suffering a terminal flywheel failure during its qualification attempt and withdrawing.
The three Ecurie Ecosse Jaguars also qualified, but all slower than the USAC entries, due in part to being limited to their Dunlop road racing tyres, which were smaller than the Firestones.
[4] Bettenhausen slowly led the field to the starting line where an official waved the Italian flag to begin the race.
Bettenhausen returned to the front of the field, but was forced to relinquish the lead during the fourth lap with a broken throttle linkage.
In preparation for the Jaguar's ability to accelerate at the start, the lead USAC entries attempted to block the front stretch by running alongside one another.
Bryan and Ruttman took the early lead once again as O'Connor was once again forced to retire, his repairs to the fuel tank not holding up to the bumps of the Monza banking.
A further two USAC cars were also in attendance, to be driven by Formula One drivers Juan Manuel Fangio and Maurice Trintignant, but set up and run by the American crews.
[10][8] The second was a modified 246 featuring a Ferrari-built Dino V6 engine, enlarged to 3,210 cubic centimetres (196 cu in) and equally renamed the 326 MI.
[11][12] Luigi Chinetti's new North American Racing Team also entered a third Ferrari in the event, using an older V12 car which had originally attempted to qualify for the 1952 Indianapolis 500.
The Italian Eldorado Ice Cream Company helped fund the effort and so the entire car was painted white with their logo written across the side.
A Lister sports car chassis was purchased by the team, modified into a single-seater body style, and fitted with a Jaguar Straight-6 engine from the D-Type.
Juan Manuel Fangio started practice early by setting one of the first laps around the circuit on Wednesday in a USAC entry loaned to him.
Musso was able to improve on his previous day's performance in the Ferrari and recorded an average speed of 280.8 km/h (174.5 mph) to earn pole position.
Problems occurred early for Fangio as he was forced to withdraw from the first heat after his team discovered that his Offenhauser engine had a cracked piston.
The other eighteen cars took the rolling start and, as in the year before, the Jaguars' gearing allowed them to jump to the early lead before Ferrari's Musso and several USAC drivers reclaimed it before the end of the first lap of the race.
Musso however also dropped back after being overcome by methanol fumes, pitting on Lap 27 and handing the car to Mike Hawthorn.
Maurice Trintignant, who had completed the first heat in the Sclavi & Amos Kuzma-Offenhauser, chose to be relieved by rookie A. J. Foyt for the rest of the race.
Musso once again remained with the top drivers, but pitted after only nineteen laps to be replaced, this time by Phil Hill whose Ferrari had retired in the first heat.
Moss, after bringing his Maserati up to fourth place, suffered steering failure on Lap 41, crashing into the guard rails at the top of the banking.
[1] Although the Race of Two Worlds attracted several European teams over its two years, the Automobile Club of Milan was unable to make a profit on the event.