May 29, 1988 Autódromo Hermanos Rodríguez | Lap distance 4.421 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 | 67 | 1:30'15.737 | 2 | 1'18.097 | 1 | 1'18.608 | (52) | |
| 2 | 6 | 12 | Ayrton Senna (BRA) | McLaren MP4-4 | Honda RA168-E | Goodyear | 67 | 1:30'22.841 | +7.104 | 1 | 1'17.468 | 2 | 1'18.776 | (53) |
| 3 | 4 | 28 | Gerhard Berger (AUT) | Ferrari F1/87-88C | Ferrari 156/88 | Goodyear | 67 | 1:31'13.051 | +57.314 | 3 | 1'18.120 | 4 | 1'20.160 | (37) |
| 4 | 3 | 27 | Michele Alboreto (ITA) | Ferrari F1/87-88C | Ferrari 156/88 | Goodyear | 66 | 1:30'36.056 | +1 lap | 5 | 1'19.626 | 5 | 1'20.186 | (57) |
| 5 | 2 | 17 | Derek Warwick (GBR) | Arrows A10B | Megatron | Goodyear | 66 | 1:31'30.004 | +1 lap | 9 | 1'20.775 | 7 | 1'21.068 | (51) |
| 6 | 1 | 18 | Eddie Cheever (USA) | Arrows A10B | Megatron | Goodyear | 66 | 1:31'30.478 | +1 lap | 7 | 1'20.451 | 6 | 1'21.056 | (52) |
| 7 | 19 | Alessandro Nannini (ITA) | Benetton B188 | Ford Cosworth DFR | Goodyear | 65 | 1:31'24.155 | +2 laps | 8 | 1'20.740 | 10 | 1'22.483 | (57) | |
| 8 | 20 | Thierry Boutsen (BEL) | Benetton B188 | Ford Cosworth DFR | Goodyear | 64 | 1:30'18.813 | +3 laps | 11 | 1'22.029 | 12 | 1'22.822 | (50) | |
| 9 | 29 | Yannick Dalmas (FRA) | Lola LC88 | Ford Cosworth DFZ | Goodyear | 64 | 1:31'24.502 | +3 laps | 22 | 1'23.606 | 14 | 1'23.409 | (58) | |
| 10 | 26 | Stefan Johansson (SWE) | Ligier JS31 | Judd CV | Goodyear | 63 | 1:30'22.219 | +4 laps | 24 | 1'23.721 | 15 | 1'23.553 | (49) | |
| 11 | 24 | Luis Perez-Sala (ESP) | Minardi M188 | Ford Cosworth DFZ | Goodyear | 63 | 1:31'10.056 | +4 laps | 25 | 1'23.857 | 16 | 1'24.369 | (50) | |
| 12 | 14 | Philippe Streiff (FRA) | AGS JH23 | Ford Cosworth DFZ | Goodyear | 63 | 1:31'24.530 | +4 laps | 19 | 1'23.191 | 11 | 1'22.703 | (58) | |
| 13 | 32 | Oscar Larrauri (ARG) | Euro Brun ER-188 | Ford Cosworth DFZ | Goodyear | 63 | 1:31'36.847 | +4 laps | 26 | 1'24.032 | 19 | 1'25.057 | (34) | |
| 14 | 31 | Gabriele Tarquini (ITA) | Coloni FC-188 | Ford Cosworth DFZ | Goodyear | 62 | 1:30'26.447 | +5 laps | 21 | 1'23.603 | 20 | 1'25.072 | (60) | |
| 15 | 9 | Piercarlo Ghinzani (ITA) | Zakspeed 881 | Zakspeed 881 | Goodyear | 61 | 1:30'45.959 | +6 laps | 18 | 1'23.078 | 17 | 1'24.660 | (45) | |
| 16 | 16 | Ivan Capelli (ITA) | March 881 | Judd CV | Goodyear | 61 | 1:31'38.031 | +6 laps | 10 | 1'21.952 | 8 | 1'22.375 | (45) | |
| Retirement | ||||||||||||||
| engine | 1 | Nelson Piquet (BRA) | Team Lotus 100T | Honda RA168-E | Goodyear | 58 | 1:19'32.618 | 4 | 1'18.946 | 3 | 1'20.124 | (52) | ||
| gearbox | 22 | Andrea de Cesaris (ITA) | Rial ARC-01 | Ford Cosworth DFZ | Goodyear | 52 | 1:13'29.950 | 12 | 1'22.245 | 13 | 1'23.118 | (50) | ||
| engine | 2 | Satoru Nakajima (JPN) | Team Lotus 100T | Honda RA168-E | Goodyear | 27 | 37'56.435 | 6 | 1'20.275 | 9 | 1'22.477 | (27) | ||
| engine | 5 | Nigel Mansell (GBR) | Williams FW12 | Judd CV | Goodyear | 20 | 29'52.104 | 14 | 1'22.363 | 23 | 1'26.061 | (18) | ||
| engine | 10 | Bernd Schneider (GER) | Zakspeed 881 | Zakspeed 881 | Goodyear | 16 | 23'00.048 | 15 | 1'22.642 | 18 | 1'24.704 | (16) | ||
| engine | 6 | Riccardo Patrese (ITA) | Williams FW12 | Judd CV | Goodyear | 16 | 23'36.801 | 17 | 1'22.972 | 22 | 1'25.697 | (16) | ||
| collision | 25 | René Arnoux (FRA) | Ligier JS31 | Judd CV | Goodyear | 13 | 19'24.508 | 20 | 1'23.287 | 25 | 1'27.524 | (8) | ||
| brakes | 36 | Alex Caffi (ITA) | Dallara BMS-188 | Ford Cosworth DFZ | Goodyear | 13 | 19'24.834 | 23 | 1'23.716 | 24 | 1'27.076 | (13) | ||
| electrical | 15 | Mauricio Gugelmin (BRA) | March 881 | Judd CV | Goodyear | 10 | 14'43.126 | 16 | 1'22.801 | 21 | 1'25.246 | (8) | ||
| suspension | 30 | Philippe Alliot (FRA) | Lola LC88 | Ford Cosworth DFZ | Goodyear | 0 | 13 | 1'22.348 | ||||||
| Disqualified | ||||||||||||||
| -- | 33 | Stefano Modena (ITA) | Euro Brun ER-188 | Ford Cosworth DFZ | Goodyear | 0 | ||||||||
| Not qualified | ||||||||||||||
| -- | 3 | Jonathan Palmer (GBR) | Tyrrell 017 | Ford Cosworth DFZ | Goodyear | 1'24.390 | ||||||||
| -- | 21 | Nicola Larini (ITA) | Osella FA1L | Osella 890T | Goodyear | 1'24.405 | ||||||||
| -- | 4 | Julian Bailey (GBR) | Tyrrell 017 | Ford Cosworth DFZ | Goodyear | 1'25.231 | ||||||||
| -- | 23 | Adrián Campos (ESP) | Minardi M188 | Ford Cosworth DFZ | Goodyear | 1'26.058 | ||||||||
