The 80-lap race was won by Graham Hill, driving a works Lotus-Ford, after he started from fourth position. It was Hill's 14th and final World Championship race victory, and his fifth Monaco win, a record that would stand for 24 years. It was also the first win for a driver wearing a full face helmet in Formula One. Piers Courage finished second in a Brabham-Ford entered by Frank Williams, with Jo Siffert third in a Lotus-Ford entered by Rob Walker.
This was also the final Formula One race for Cooper as a constructor and Maserati as an engine supplier, Vic Elford finishing seventh and last in a car entered by Colin Crabbe.