September 25, 1988 Autódromo do Estoril | Lap distance 4.350 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 | 70 | 1:37'40.958 | 1 | 1'17.411 | 3 | 1'22.063 | (35) | |
| 2 | 6 | 16 | Ivan Capelli (ITA) | March 881 | Judd CV | Goodyear | 70 | 1:37'50.511 | +9.553 | 3 | 1'18.812 | 4 | 1'22.074 | (33) |
| 3 | 4 | 20 | Thierry Boutsen (BEL) | Benetton B188 | Ford Cosworth DFR | Goodyear | 70 | 1:38'25.577 | +44.619 | 13 | 1'20.314 | 2 | 1'21.992 | (60) |
| 4 | 3 | 17 | Derek Warwick (GBR) | Arrows A10B | Megatron | Goodyear | 70 | 1:38'48.377 | +1'07.419 | 10 | 1'19.603 | 10 | 1'23.043 | (43) |
| 5 | 2 | 27 | Michele Alboreto (ITA) | Ferrari F1/87-88C | Ferrari 156/88 | Goodyear | 70 | 1:38'52.842 | +1'11.884 | 7 | 1'19.372 | 5 | 1'22.123 | (65) |
| 6 | 1 | 12 | Ayrton Senna (BRA) | McLaren MP4-4 | Honda RA168-E | Goodyear | 70 | 1:38'59.227 | +1'18.269 | 2 | 1'17.869 | 8 | 1'22.852 | (61) |
| 7 | 36 | Alex Caffi (ITA) | Dallara BMS-188 | Ford Cosworth DFZ | Goodyear | 69 | 1:38'13.668 | +1 lap | 17 | 1'20.922 | 9 | 1'22.960 | (31) | |
| 8 | 24 | Luis Perez-Sala (ESP) | Minardi M188 | Ford Cosworth DFZ | Goodyear | 68 | 1:37'45.816 | +2 laps | 19 | 1'21.094 | 16 | 1'24.301 | (38) | |
| 9 | 14 | Philippe Streiff (FRA) | AGS JH23 | Ford Cosworth DFZ | Goodyear | 68 | 1:38'23.087 | +2 laps | 21 | 1'21.418 | 19 | 1'24.785 | (46) | |
| 10 | 25 | René Arnoux (FRA) | Ligier JS31 | Judd CV | Goodyear | 68 | 1:38'24.585 | +2 laps | 23 | 1'21.790 | 21 | 1'24.954 | (59) | |
| 11 | 31 | Gabriele Tarquini (ITA) | Coloni FC-188 | Ford Cosworth DFZ | Goodyear | 65 | 1:38'08.844 | +5 laps | 26 | 1'22.170 | 23 | 1'25.291 | (37) | |
| 12 | 21 | Nicola Larini (ITA) | Osella FA1L | Osella 890T | Goodyear | 63 | 1:38'01.218 | +7 laps | 25 | 1'22.119 | 13 | 1'23.715 | (44) | |
| Retirement | ||||||||||||||
| engine | 15 | Mauricio Gugelmin (BRA) | March 881 | Judd CV | Goodyear | 59 | 1:23'23.872 | 5 | 1'19.045 | 11 | 1'23.138 | (40) | ||
| spun off | 5 | Nigel Mansell (GBR) | Williams FW12 | Judd CV | Goodyear | 54 | 1:15'47.800 | 6 | 1'19.131 | 7 | 1'22.581 | (47) | ||
| overheating | 3 | Jonathan Palmer (GBR) | Tyrrell 017 | Ford Cosworth DFZ | Goodyear | 53 | 1:17'25.485 | 22 | 1'21.788 | 20 | 1'24.950 | (42) | ||
| handling | 19 | Alessandro Nannini (ITA) | Benetton B188 | Ford Cosworth DFR | Goodyear | 52 | 1:14'30.480 | 9 | 1'19.572 | 6 | 1'22.563 | (23) | ||
| spun off | 28 | Gerhard Berger (AUT) | Ferrari F1/87-88C | Ferrari 156/88 | Goodyear | 35 | 48'58.321 | 4 | 1'18.903 | 1 | 1'21.961 | (31) | ||
| clutch | 1 | Nelson Piquet (BRA) | Team Lotus 100T | Honda RA168-E | Goodyear | 34 | 51'15.885 | 8 | 1'19.551 | 12 | 1'23.362 | (33) | ||
| radiator | 6 | Riccardo Patrese (ITA) | Williams FW12 | Judd CV | Goodyear | 29 | 41'35.241 | 11 | 1'19.797 | 14 | 1'23.907 | (26) | ||
| engine | 23 | Pierluigi Martini (ITA) | Minardi M188 | Ford Cosworth DFZ | Goodyear | 27 | 38'37.015 | 14 | 1'20.741 | 15 | 1'23.918 | (25) | ||
| alternator | 29 | Yannick Dalmas (FRA) | Lola LC88 | Ford Cosworth DFZ | Goodyear | 20 | 29'19.711 | 15 | 1'20.748 | 18 | 1'24.647 | (15) | ||
| spun off | 2 | Satoru Nakajima (JPN) | Team Lotus 100T | Honda RA168-E | Goodyear | 16 | 23'29.509 | 16 | 1'20.783 | 24 | 1'26.094 | (14) | ||
| halfshaft | 22 | Andrea de Cesaris (ITA) | Rial ARC-01 | Ford Cosworth DFZ | Goodyear | 11 | 16'55.618 | 12 | 1'19.940 | 17 | 1'24.390 | (10) | ||
| turbo | 18 | Eddie Cheever (USA) | Arrows A10B | Megatron | Goodyear | 10 | 14'31.719 | 18 | 1'20.965 | 22 | 1'25.073 | (9) | ||
| engine | 30 | Philippe Alliot (FRA) | Lola LC88 | Ford Cosworth DFZ | Goodyear | 7 | 10'24.443 | 20 | 1'21.096 | 25 | 1'26.109 | (6) | ||
| engine | 26 | Stefan Johansson (SWE) | Ligier JS31 | Judd CV | Goodyear | 4 | 6'02.292 | 24 | 1'22.035 | 26 | 1'26.153 | (4) | ||
| Not qualified | ||||||||||||||
| -- | 4 | Julian Bailey (GBR) | Tyrrell 017 | Ford Cosworth DFZ | Goodyear | 1'22.296 | ||||||||
| -- | 9 | Piercarlo Ghinzani (ITA) | Zakspeed 881B | Zakspeed 881 | Goodyear | 1'22.549 | ||||||||
| -- | 33 | Stefano Modena (ITA) | Euro Brun ER-188 | Ford Cosworth DFZ | Goodyear | 1'23.075 | ||||||||
| -- | 10 | Bernd Schneider (GER) | Zakspeed 881B | Zakspeed 881 | Goodyear | 1'23.300 | ||||||||
| Not pre-qualified | ||||||||||||||
| -- | 32 | Oscar Larrauri (ARG) | Euro Brun ER-188 | Ford Cosworth DFZ | Goodyear | 1'25.146 | ||||||||
