It was the 11th official running of the "Great American Race" and was run at its actual distance — 200 laps and 500 miles (800 km) — despite the fuel concerns. All the concerns about fuel eventually led up to the 1973 oil crisis that would affect the 1973 race (by forcing NASCAR to voluntarily reduce the number of laps for that year's race).

LeeRoy Yarbrough chased down Charlie Glotzbach, who had an 11-second lead. Yarbrough trimmed down the deficit and passed Glotzbach on the final lap. It was the first Daytona 500 won on a last lap pass