United States gubernatorial elections were held in 12 states (including a recall election in Wisconsin on June 5) and two territories. Of the eight Democratic and four Republican seats contested, only that of North Carolina changed party hands, giving the Republicans a net gain of one governorship. These elections (except for Wisconsin) coincided with the presidential election on November 6, 2012. As of 2024, this marked the last time in which a Democrat won the governorship in Missouri, and the last time in which a Republican won the governorship in North Carolina.

States where the margin of victory was under 1%:

States where the margin of victory was under 5%:

States where the margin of victory was under 10%:

Red denotes states won by Republicans. Blue denotes states won by Democrats. Grey denotes states won by Independents.

Governor Jack Markell successfully ran for re-election. His Republican challenger was Jeff Cragg.

Governor Mitch Daniels was term-limited in 2012.

Mike Pence, a six-term Republican in the U.S. House of Representatives, announced his candidacy for his party's nomination. Pence, whose announcement was anticipated by his resignation of a leading position in the GOP caucus in the House, was regarded as the favorite for election. Indianapolis businessman and former Hamilton County Councilman Jim Wallace had announced his candidacy for the Republican nomination prior to Pence's entrance but failed to collect enough signatures to become an official candidate by the deadline in February 2012.