The 1997 Austrian Grand Prix (formally the Grosser Preis von Österreich 1997) was a Formula One motor race held at the A1-Ring on 21 September 1997. It was the fourteenth race of the 1997 Formula One World Championship, and the first Austrian Grand Prix since 1987.

The 71-lap race was won by Canadian driver Jacques Villeneuve, driving a Williams-Renault, after he started from pole position. Italian Jarno Trulli led the first half of the race in his Prost-Mugen-Honda, but later retired with an engine failure. Briton David Coulthard finished second in a McLaren-Mercedes, with Villeneuve's German teammate Heinz-Harald Frentzen third.

Villeneuve's rival for the Drivers' Championship, German Michael Schumacher, could only manage sixth in his Ferrari, allowing Villeneuve to close to within one point of him with three races remaining.

Qualifying threw up a few surprises, as the Bridgestone tyres used by several smaller teams proved strong, but it was ultimately Jacques Villeneuve who won. Mika Häkkinen had been leading Villeneuve after the start but his engine failed yet again, before he even managed to complete the first lap. So, for the first time in his Formula One career, Jarno Trulli led the race, followed by Rubens Barrichello, Jacques Villeneuve, Jan Magnussen, Heinz-Harald Frentzen and Michael Schumacher in the top six.

By lap 13, Trulli had built a gap of 4.5 seconds from Barrichello, who was being chasing closely by Villeneuve. Behind them both, seven seconds apart, Magnussen was holding a train formed by himself, Frentzen, Michael Schumacher, David Coulthard and Damon Hill. On lap 24, the first change to the top six: Villeneuve outbraked Barrichello in turn 4 and climbed to second place. The gap of leader Trulli from the Canadian was 10 seconds, with Barrichello losing traction on third, 5 seconds behind the Williams driver; on lap 26, Magnussen pitted for the first time, dropping outside the points.

A spectacular collision occurred between Eddie Irvine and Jean Alesi. As they battled for 4th place on lap 37, Alesi tried to outbrake Irvine into the chicane from approximately eight car-lengths behind, and as Irvine took evasive action, the Frenchman drove into the Northern Irishman's car at such speed that Alesi's car went over the top of Irvine's while the latter was pitched into a spin. Alesi was placed under investigation by the stewards for dangerous driving after the race, although no charges were formally brought against either driver.

On the same lap, Trulli pitted and gave the lead to Villeneuve. The Canadian took advantage of the clean track and set a pace enough to keep him in the lead even after his only pit stop. On lap 45, after all the leaders had pitted, the top six were Villeneuve, Trulli, Michael Schumacher, Barrichello, Magnussen and Coulthard.

Michael Schumacher ran as high as 3rd, but received a stop-go penalty for overtaking Heinz-Harald Frentzen under yellow flags. Schumacher claimed he had not seen them, and that they were not visible on the inside of the corner. To get it worst, Schumacher exited the pits behind Barrichello, who had just pitted for his second and last time.