The event was won by Cale Yarborough driving a 1968 Mercury. Yarborough drove his #21 to victory in just over 3 hours and 23 minutes after starting the race on the pole. There were 11 caution flags which slowed the race for 60 laps, a track record at the time that remained so until 2005. Yarborough squeaked out the victory by less than a second over LeeRoy Yarbrough. The win was Yarborough's first victory of the season[4] and his first victory in the "Great American Race".

This was also the only Daytona 500 where the grid was set exclusively by qualifying times. The 125-mile qualifying races were not held due to inclement weather.