The 21st International 500-Mile Sweepstakes Race was held at the Indianapolis Motor Speedway on Tuesday, May 30, 1933. Louis Meyer defeated Wilbur Shaw by a time of 401.89 seconds (6.69 minutes). The average speed of the race was 104.162 miles per hour (167.632 km/h) while Bill Cummings achieved the pole position with a speed of 118.521 miles per hour (190.741 km/h). The race was part of the 1933 AAA Championship Car season.

Meyer was accompanied by riding mechanic Lawson Harris.

The 1933 month of May at Indianapolis was the deadliest running of the 500. Five participants were fatally injured. During practice, Bill Denver and his riding mechanic Bob Hurst were killed in a crash. On race day, Mark Billman was killed in a crash on lap 79 while Lester Spangler and his riding mechanic G.L. "Monk" Jordan were killed in a crash on lap 132. It was the fifth straight year at least one competitor died in a crash during the month.

Ten-lap (25 mile) qualifying runs were utilized. 42 cars averaged faster than the designated 100 mph mark, making for the largest starting field in the race's history.

Bill Cummings led early on from the pole, turning laps of 113 mph. He faded from the front and dropped out with mechanical problems. Louis Meyer came from 7th starting position to first lead at 325 miles. By 400 miles, he had a commanding lead and was signaled "E-Z" by his pit crew to slow from his 110 mph pace. He cruised to the checkered with a lead of over 5 laps over Wilbur Shaw, with a new record average speed.

Note: Relief drivers in parentheses

 W  Former Indianapolis 500 winner

 R  Indianapolis 500 Rookie