Due to the longevity of the Indianapolis 500, numerous traditions surrounding the race have developed over the years. Traditions include procedures for the running of the race, scheduling, and pre-race and post-race festivities. For many fans, these traditions are an important aspect of the race, and they have often reacted quite negatively when the traditions are changed or broken.

As part of the Memorial Day holiday weekend, the pre-race ceremonies of the Indianapolis 500 feature several patriotic songs. Like most other sporting events, the national anthem is performed before the race by a notable vocalist. The most noteworthy and most popular traditions are the annual singing of the chorus of "Back Home Again in Indiana," and the victory lane bottle of milk.

Month of May The two to three weeks of practice and qualifying leading up to the Indianapolis 500 is known in racing circles simply as "the month of May [at Indianapolis]". In early years, the track traditionally opened for practice on May 1 (regardless of the day of the week). This practice dated back to 1911. The policy was typically to make the track available for practice no later than May 1, although in most years, few if any competitors might be on the grounds yet. It was not uncommon for local entries to begin setting up in the garage area in early/mid-April to work on their cars. Out-of-town or overseas entries sometimes arrived in Indianapolis (sometimes after lengthy travels) and set up shop in a local garage before moving into the track. In some years, the track might even be available for practice and testing as early as mid-April. For instance, in 1932, cars began to arrive on April 6, and in 1969, the first day of practice was April 28. In very early years, it was not uncommon for the track to be closed on Sundays during practice, or be open for only competitors with the gates closed to the public. In 1974, due to the energy crisis, the schedule was reduced, and the track opened instead three weeks before race day. The change was well-received, and the new schedule was made permanent, with various tweaks over the years.

In 2014, a second race at Indianapolis was introduced to the IndyCar Series schedule, conducted on the track's road course. The new event is held two weeks before the 500.

Though not part of the month of May, since the mid-2010s, Founders Day has been recognized and celebrated at the Speedway each year on March 20. That coincides with the date in 1909 in which the Speedway was incorporated. Since 2017, Founders Day has sometimes been used to announce inductees of the Indianapolis Motor Speedway Hall of Fame, with the formal induction taking place during the month of May.

Memorial Day The race has always been scheduled in conjunction with Memorial Day. Through 1970, the race was held on Memorial Day proper (May 30), regardless of the day of the week, unless it fell on Sunday. In those cases, it was scheduled for Monday, May 31. After the Uniform Monday Holiday Act took effect in 1971, the race was scheduled as part of the three-day Memorial Day weekend – either the Saturday, the Sunday, or the Monday of the holiday weekend. Since 1974, the race has been scheduled for the Sunday of Memorial Day weekend and has been held on a Sunday with only two exceptions due to rain delays. The race is often held on the same day as Formula One's Monaco Grand Prix and the NASCAR Cup Series's Coca-Cola 600, making for one of the largest weekends in motor racing.

Sundays were avoided for scheduling race activity dating back to pre-500 races in 1909 and 1910. In the early decades, Sundays were occasionally used for practice and/or qualifying, but were used sparingly in pre-World War II years. In some early years, practice may have been permitted on Sundays, but the gates might not be open to the public. When Tony Hulman bought the Speedway after World War II, Speedway management continued to refuse to schedule the race on a Sunday, a policy that stayed in place through 1973. Qualifying and practice, however, were regularly held on Sundays during those years, with no days closed to spectators. From 1911 to 1970, the race was scheduled for May 30, regardless of the day of the week. If May 30 fell on a Sunday, the race was scheduled for Monday, May 31. For the first 500 in 1911, May 30 fell on a Tuesday. In 1915, May 30 fell on a Sunday, and the race was initially scheduled for Saturday, May 29. Heavy rains fell in the days leading up to the race flooding the grounds and making some dirt roads leading to the track impassible. A few days before the race was to be held, officials decided to postpone the race until Monday, May 31, in order to allow time for the grounds to dry out. In 1919, the race was held on Saturday, May 31. It was the first race after the conclusion of World War I. The race was deliberately moved off Memorial Day (Friday, May 30) and pushed to Saturday so as not to detract from the holiday. May 30 fell on Sunday in 1920, 1926, 1937, 1948, 1954, and 1965. In each of those years, the race was held on Monday, May 31. The final race under that scheduling format (1970) was on Saturday, May 30. In 1971 and 1972, the race was scheduled for and held on the Saturday of Memorial Day weekend. In 1973, the race was scheduled for Memorial Day Monday. The change was made after requests from spectators, many complaining that it was inconvenient to the many people who had to work on Saturdays. In addition, it allowed the popular 500 Festival Parade to run downtown during the daytime, rather than as the night parade it had been forced to be for years. Despite the change, rain and accidents delayed the race until Wednesday. Since 1974, the race has been scheduled for the Sunday of Memorial Day weekend. In case of a rainout on Sunday, the race will be rescheduled for the following day, Monday – the Memorial Day federal holiday. Monday is the prioritized make-up date. However, if it rains again on Monday, the race will be shifted to the next available day. The 1986 race was scheduled for Sunday, May 25, but was rained out on both Sunday and Monday. It was postponed to the following weekend and held on Saturday, May 31. The 1997 race was scheduled for Sunday, May 25, but rain washed out the day. The race began the next day, on Memorial Day (Monday, May 26), but rain showers moved back into the area. The race was halted after 15 laps and could not be restarted. Short of the 101 laps needed for an official race, track officials elected to resume the race on the following day (Tuesday, May 27). The race was run to completion, as laps 16–200 were completed on Tuesday. The 2020 race was scheduled for Sunday, May 24, but due to the COVID-19 pandemic, was rescheduled for Sunday, August 23, in an attempt to allow spectators (which Marion County refused; spectators were eventually allowed for the third INDYCAR meeting at the Speedway, the Harvest Grand Prix in October 2020).

Armed Forces Day also falls during the month of May and usually coincides with one of the weekends of time trials. Since 1978 at the Speedway, that weekend is often filled with activities honoring the U.S. military, including an oath of enlistment ceremony.

Days and dates Day Total YearsSunday511974, 1975, 1976, 1977, 1978, 1979, 1980, 1981, 1982, 1983, 1984, 1985, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026Monday151915, 1920, 1921, 1926, 1927, 1932, 1937, 1938, 1948, 1949, 1954, 1955, 1960, 1965, 1966Tuesday81911, 1916, 1922, 1933, 1939, 1950, 1961, 1997Wednesday81923, 1934, 1940, 1951, 1956, 1962, 1967, 1973Thursday81912, 1928, 1929, 1935, 1946, 1957, 1963, 1968Friday81913, 1924, 1930, 1941, 1947, 1952, 1958, 1969Saturday121914, 1919, 1925, 1931, 1936, 1953, 1959, 1964, 1970, 1971, 1972, 1986Date Total YearsMay 2471981, 1987, 1992, 1998, 2009, 2015, 2026May 2561975, 1980, 2003, 2008, 2014, 2025May 2681974, 1985, 1991, 1996, 2002, 2013, 2019, 2024May 2791972, 1979, 1984, 1990, 1997, 2001, 2007, 2012, 2018May 2871978, 1989, 1995, 2000, 2006, 2017, 2023May 2991971, 1977, 1983, 1988, 1994, 2005, 2011, 2016, 2022May 30541911, 1912, 1913, 1914, 1916, 1920, 1921, 1922, 1923, 1924, 1925, 1927, 1928, 1929, 1930, 1931, 1932, 1933, 1934, 1935, 1936, 1938, 1939, 1940, 1941, 1946, 1947, 1949, 1950, 1951, 1952, 1953, 1955, 1956, 1957, 1958, 1959, 1960, 1961, 1962, 1963, 1964, 1966, 1968, 1969, 1970, 1973, 1976, 1982, 1993, 1999, 2004, 2010, 2021May 3191915, 1919, 1926, 1937, 1948, 1954, 1965, 1967, 1986August 2312020

Practice and qualifying

Opening Day The first day of practice is traditionally referred to as "Opening Day". From 1911 to 1973, Opening day was traditionally May 1, although oftentimes the track was made available for practice much earlier than that date. The day is usually marked with festivities and for many years was popularly attended. In some years when May 1 fell mid-week, or if weather interfered, the activity would be light and the formal ceremonies would be held on the first Saturday of the month. Since 1974, the "Opening Day" practice session has been scheduled either three weeks or two weeks prior to race day. The battle to be the First Driver on the Track for the month was a spectacle of Opening Day for many years. Teams and drivers would battle to get their cars prepped and cranked up as soon as officials opened the track, hoping to be the first car to leave the pits, and likewise the first car to complete a practice lap for the month. The effort usually attracted the attention of the smaller teams, as it was seen as a way to draw headlines for the day. The race to be first on the track was usually friendly, although in some years it became heated, drawing the ire of the officials. For a time, it became a tradition that the cars of the Bryant Heating & Cooling Team, and later Dick Simon Racing, were usually the first cars on the track. In recent years, Opening Day might include separate sessions for Rookie Orientation and Refresher tests, proceeding or following a full-field, veteran driver practice session. One of the long-standing traditions of Opening Day is the ceremonial handing over of the keys to the pace car from the manufacturer to the track officials.

Rookie Orientation Program Starting in 1936 all rookies were required to take a rookie test prior to being allowed to compete. The test traditionally consists of multiple phases, each increasing in speed, under the close observation of officials, driver coaches, and both current and former IndyCar Series drivers. Rookie drivers are required to exhibit adequate car control and proper driving lines, among other requirements. After several decades of conducting the tests during normal session of practice (usually early in the month), officials decided to organize the sessions. Since 1981, the Rookie Orientation Program (ROP) has been held in April or early May. The program allows newcomers the opportunity to take their first laps at the Speedway and acclimate themselves to the circuit in a relaxed environment. It would be held without the pressure of veteran drivers crowding the track, without the distraction of spectators, and with minimal media coverage. Currently, drivers can complete all phases of their rookie tests during ROP if conditions allow. The ROP has traditionally been held prior to opening day, however, in some years it served as opening day. Drivers with exceptional driving experience at high levels of motorsports can occasionally receive waivers for participation in ROP, but must still pass their rookie test at a later date before they can practice during normal sessions.

Refresher Tests