The 1975 Pocono 500, the 5th running of the event, was held at the Pocono Raceway in Long Pond, Pennsylvania, on Sunday, June 29, 1975. Branded as the 1975 Schaefer 500 for sponsorship reasons, A. J. Foyt became the first driver to win the Pocono 500 twice, with a rain-shortened victory.

Beginning in 1975, Olsonite sponsored the Triple Crown award, given to the driver who scored the most points in Indy car's three 500 mile races. The award carried a $1,500 prize, a diamond ring, and an annual trophy.

A.J. Foyt won the California 500 in March. In late May, Bobby Unser won the 1975 Indianapolis 500. Two weeks after Indianapolis, Foyt won a 150-mile race at the Milwaukee Mile.

Practice started Wednesday, June 18. Windy conditions slowed speeds. Bobby Unser posted the fastest lap at 179.2 mph.

On Thursday, Gordon Johncock was fastest in practice at 182.038 mph. The session was interrupted by rain at 12:30 p.m. but re-opened for track activity at 3:24 p.m.

In Friday's practice, Gordon Johncock posted the fastest speed at 182.741 mph. Bobby Unser was second fastest at 182.334 mph.

The Saturday, June 21, qualifying session consisted of a four-lap, ten-mile average speed. Bobby Unser posted a fast speed early with an average speed of 181.708 mph, and held the pole for several hours. Gordon Johncock waited until late afternoon to make his run and knocked Unser off the pole with average speed of 183.281 mph. A.J. Foyt came up just short in his attempt to sweep 500 mile race poles. Foyt was the second fastest qualifier at 182.778 mph. Jerry Grant was the third fastest qualifier at 181.864 mph.

Johnny Rutherford crashed in his first qualifying attempt. Coming through turn two, Rutherford's car spun 360 degrees and hit the wall with the right-rear corner. His McLaren team prepared a backup car and Rutherford made a second qualifying attempt in the afternoon. Driving the backup car, Rutherford posted the fifth-fastest qualifying speed.