The season had begun with Williams dominating, their lead driver, Nigel Mansell having won the opening five rounds. Monaco was the sixth round where the signs looked like another Mansell/Williams win as Mansell claimed pole position and his team mate, Riccardo Patrese, lined up second.
Both Williams got off the line well but Ayrton Senna in a McLaren-Honda managed to dive on the inside of Patrese at the first corner, claiming second behind a charging Nigel Mansell.
The two remained in that order until lap seventy when Mansell stopped in the pits after a wheel nut had worked loose, allowing Senna to take the lead. With fresh tyres Mansell closed the gap to Senna within two laps.
Senna masterfully kept Mansell at bay for three laps, breaking Williams’ run and scoring McLaren-Honda’s first victory of 1992.
The victory saw Senna equal Graham Hill’s achievement of winning at the principality five times. Senna would gain a sixth victory a year later. The 1992 result also meant Mansell never won at Monaco.