May 15, 1988 Circuit de Monaco | Lap distance 3.328 km
| Pos | Points | No | Driver | Car | Engine | Tyres | Laps | Race Time | Delay | Qualifying | Fastest Lap | |||
| 1 | 9 | 11 | Alain Prost (FRA) | McLaren MP4-4 | Honda RA168-E | Goodyear | 78 | 1:57'17.077 | 2 | 1'25.425 | 2 | 1'26.714 | (57) | |
| 2 | 6 | 28 | Gerhard Berger (AUT) | Ferrari F1/87-88C | Ferrari 156/88 | Goodyear | 78 | 1:57'37.530 | +20.453 | 3 | 1'26.685 | 5 | 1'28.899 | (56) |
| 3 | 4 | 27 | Michele Alboreto (ITA) | Ferrari F1/87-88C | Ferrari 156/88 | Goodyear | 78 | 1:57'58.306 | +41.229 | 4 | 1'27.297 | 6 | 1'28.931 | (36) |
| 4 | 3 | 17 | Derek Warwick (GBR) | Arrows A10B | Megatron | Goodyear | 77 | 1:57'21.734 | +1 lap | 7 | 1'27.872 | 8 | 1'29.618 | (38) |
| 5 | 2 | 3 | Jonathan Palmer (GBR) | Tyrrell 017 | Ford Cosworth DFZ | Goodyear | 77 | 1:57'35.765 | +1 lap | 10 | 1'28.358 | 13 | 1'30.171 | (34) |
| 6 | 1 | 6 | Riccardo Patrese (ITA) | Williams FW12 | Judd CV | Goodyear | 77 | 1:58'22.182 | +1 lap | 8 | 1'28.016 | 3 | 1'28.411 | (75) |
| 7 | 29 | Yannick Dalmas (FRA) | Lola LC88 | Ford Cosworth DFZ | Goodyear | 77 | 1:58'24.145 | +1 lap | 21 | 1'29.601 | 4 | 1'28.465 | (74) | |
| 8 | 20 | Thierry Boutsen (BEL) | Benetton B188 | Ford Cosworth DFR | Goodyear | 76 | 1:57'23.136 | +2 laps | 16 | 1'28.640 | 11 | 1'29.831 | (62) | |
| 9 | 21 | Nicola Larini (ITA) | Osella FA1L | Osella 890T | Goodyear | 75 | 1:57'53.732 | +3 laps | 25 | 1'30.335 | 17 | 1'31.635 | (49) | |
| 10 | 16 | Ivan Capelli (ITA) | March 881 | Judd CV | Goodyear | 72 | 1:58'21.434 | +6 laps | 22 | 1'29.603 | 9 | 1'29.642 | (25) | |
| Retirement | ||||||||||||||
| spun off | 12 | Ayrton Senna (BRA) | McLaren MP4-4 | Honda RA168-E | Goodyear | 66 | 1:38'15.949 | 1 | 1'23.998 | 1 | 1'26.321 | (59) | ||
| collision | 30 | Philippe Alliot (FRA) | Lola LC88 | Ford Cosworth DFZ | Goodyear | 50 | 1:17'16.275 | 13 | 1'28.536 | 16 | 1'30.749 | (22) | ||
| fuel pump | 15 | Mauricio Gugelmin (BRA) | March 881 | Judd CV | Goodyear | 45 | 1:09'40.957 | 14 | 1'28.610 | 12 | 1'29.934 | (32) | ||
| gearbox | 9 | Piercarlo Ghinzani (ITA) | Zakspeed 881 | Zakspeed 881 | Goodyear | 43 | 1:08'10.088 | 23 | 1'30.121 | 19 | 1'32.308 | (41) | ||
| gearbox | 19 | Alessandro Nannini (ITA) | Benetton B188 | Ford Cosworth DFR | Goodyear | 38 | 57'38.202 | 6 | 1'27.869 | 10 | 1'29.693 | (13) | ||
| halfshaft | 24 | Luis Perez-Sala (ESP) | Minardi M188 | Ford Cosworth DFZ | Goodyear | 36 | 55'37.721 | 15 | 1'28.625 | 14 | 1'30.226 | (26) | ||
| collision | 5 | Nigel Mansell (GBR) | Williams FW12 | Judd CV | Goodyear | 32 | 48'26.082 | 5 | 1'27.665 | 7 | 1'28.975 | (25) | ||
| engine | 22 | Andrea de Cesaris (ITA) | Rial ARC-01 | Ford Cosworth DFZ | Goodyear | 28 | 43'18.210 | 19 | 1'29.298 | 15 | 1'30.397 | (21) | ||
| engine | 25 | René Arnoux (FRA) | Ligier JS31 | Judd CV | Goodyear | 17 | 33'13.510 | 20 | 1'29.480 | 21 | 1'32.797 | (8) | ||
| brakes | 32 | Oscar Larrauri (ARG) | Euro Brun ER-188 | Ford Cosworth DFZ | Goodyear | 14 | 22'10.834 | 18 | 1'29.093 | 20 | 1'32.320 | (7) | ||
| engine | 18 | Eddie Cheever (USA) | Arrows A10B | Megatron | Goodyear | 8 | 19'42.673 | 9 | 1'28.227 | 18 | 1'31.757 | (7) | ||
| engine | 26 | Stefan Johansson (SWE) | Ligier JS31 | Judd CV | Goodyear | 6 | 9'53.369 | 26 | 1'30.505 | 23 | 1'34.016 | (5) | ||
| suspension | 31 | Gabriele Tarquini (ITA) | Coloni FC-188 | Ford Cosworth DFZ | Goodyear | 5 | 8'17.353 | 24 | 1'30.252 | 22 | 1'33.570 | (4) | ||
| collision | 1 | Nelson Piquet (BRA) | Team Lotus 100T | Honda RA168-E | Goodyear | 0 | 11 | 1'28.403 | ||||||
| spun off | 36 | Alex Caffi (ITA) | Dallara BMS-188 | Ford Cosworth DFZ | Goodyear | 0 | 17 | 1'29.075 | ||||||
| Disqualified | ||||||||||||||
| -- | 33 | Stefano Modena (ITA) | Euro Brun ER-188 | Ford Cosworth DFZ | Goodyear | 0 | ||||||||
| Not started | ||||||||||||||
| throttle | 14 | Philippe Streiff (FRA) | AGS JH23 | Ford Cosworth DFZ | Goodyear | 12 | 1'28.527 | |||||||
| Not qualified | ||||||||||||||
| -- | 2 | Satoru Nakajima (JPN) | Team Lotus 100T | Honda RA168-E | Goodyear | 1'30.611 | ||||||||
| -- | 10 | Bernd Schneider (GER) | Zakspeed 881 | Zakspeed 881 | Goodyear | 1'30.613 | ||||||||
| -- | 23 | Adrián Campos (ESP) | Minardi M188 | Ford Cosworth DFZ | Goodyear | 1'30.793 | ||||||||
| -- | 4 | Julian Bailey (GBR) | Tyrrell 017 | Ford Cosworth DFZ | Goodyear | 1'30.816 | ||||||||
