A.J Foyt drove his number 21 to victory after starting the race from the outside front-row position. There were three cautions flags which slowed the race for a total of 17 laps. Foyt dominated the event, winning by almost two laps over his closest competitor. The victory over Charlie Glotzbach was Foyt's first win of the season.

The 1972 Daytona 500 has the distinction of being the event which had the fewest number of leaders for a NASCAR race held at Daytona International Speedway; with only Foyt, Richard Petty, and Bobby Allison recorded as leading a lap during the competition. The Daytona 500 was the second event held during the 1972 season, and completed in three hours and five minutes with an average speed of 161 mph. There were a total of 13 lead changes between Foyt, Allison, and Petty throughout the race.

Walter Ballard had a huge crash in this race on lap 16 as a result of getting together with Buddy Baker in the tri-oval. Baker himself would disappear from the race on lap 18. Ballard hit the infield grass and 3 times near the pit road entrance in the tri-oval grass.