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 | 7.000000.077 | 2 | 5.000000.425 | 2 | 6.000000.714 | (57) | |
| 2 | 6 | 28 | Gerhard Berger (AUT) | Ferrari F1/87-88C | Ferrari 156/88 | Goodyear | 78 | 7.000000.530 | +0.000 | 3 | 6.000000.685 | 5 | 8.000000.899 | (56) |
| 3 | 4 | 27 | Michele Alboreto (ITA) | Ferrari F1/87-88C | Ferrari 156/88 | Goodyear | 78 | 8.000000.306 | +1.000000.229 | 4 | 7.000000.297 | 6 | 8.000000.931 | (36) |
| 4 | 3 | 17 | Derek Warwick (GBR) | Arrows A10B | Megatron | Goodyear | 77 | 1.000000.734 | +1 lap | 7 | 7.000000.872 | 8 | 9.000000.618 | (38) |
| 5 | 2 | 3 | Jonathan Palmer (GBR) | Tyrrell 017 | Ford Cosworth DFZ | Goodyear | 77 | 5.000000.765 | +1 lap | 10 | 8.000000.358 | 13 | 0.000 | (34) |
| 6 | 1 | 6 | Riccardo Patrese (ITA) | Williams FW12 | Judd CV | Goodyear | 77 | 2.000000.182 | +1 lap | 8 | 8.000000.016 | 3 | 8.000000.411 | (75) |
| 7 | 29 | Yannick Dalmas (FRA) | Lola LC88 | Ford Cosworth DFZ | Goodyear | 77 | 4.000000.145 | +1 lap | 21 | 9.000000.601 | 4 | 8.000000.465 | (74) | |
| 8 | 20 | Thierry Boutsen (BEL) | Benetton B188 | Ford Cosworth DFR | Goodyear | 76 | 3.000000.136 | +2 laps | 16 | 8.000000.640 | 11 | 9.000000.831 | (62) | |
| 9 | 21 | Nicola Larini (ITA) | Osella FA1L | Osella 890T | Goodyear | 75 | 3.000000.732 | +3 laps | 25 | 0.000 | 17 | 1.000000.635 | (49) | |
| 10 | 16 | Ivan Capelli (ITA) | March 881 | Judd CV | Goodyear | 72 | 1.000000.434 | +6 laps | 22 | 9.000000.603 | 9 | 9.000000.642 | (25) | |
| Retirement | ||||||||||||||
| spun off | 12 | Ayrton Senna (BRA) | McLaren MP4-4 | Honda RA168-E | Goodyear | 66 | 5.000000.949 | 1 | 3.000000.998 | 1 | 6.000000.321 | (59) | ||
| collision | 30 | Philippe Alliot (FRA) | Lola LC88 | Ford Cosworth DFZ | Goodyear | 50 | 6.000000.275 | 13 | 8.000000.536 | 16 | 0.000 | (22) | ||
| fuel pump | 15 | Mauricio Gugelmin (BRA) | March 881 | Judd CV | Goodyear | 45 | 0.000 | 14 | 8.000000.610 | 12 | 9.000000.934 | (32) | ||
| gearbox | 9 | Piercarlo Ghinzani (ITA) | Zakspeed 881 | Zakspeed 881 | Goodyear | 43 | 0.000 | 23 | 0.000 | 19 | 2.000000.308 | (41) | ||
| gearbox | 19 | Alessandro Nannini (ITA) | Benetton B188 | Ford Cosworth DFR | Goodyear | 38 | 8.000000.202 | 6 | 7.000000.869 | 10 | 9.000000.693 | (13) | ||
| halfshaft | 24 | Luis Perez-Sala (ESP) | Minardi M188 | Ford Cosworth DFZ | Goodyear | 36 | 7.000000.721 | 15 | 8.000000.625 | 14 | 0.000 | (26) | ||
| collision | 5 | Nigel Mansell (GBR) | Williams FW12 | Judd CV | Goodyear | 32 | 6.000000.082 | 5 | 7.000000.665 | 7 | 8.000000.975 | (25) | ||
| engine | 22 | Andrea de Cesaris (ITA) | Rial ARC-01 | Ford Cosworth DFZ | Goodyear | 28 | 8.000000.210 | 19 | 9.000000.298 | 15 | 0.000 | (21) | ||
| engine | 25 | René Arnoux (FRA) | Ligier JS31 | Judd CV | Goodyear | 17 | 3.000000.510 | 20 | 9.000000.480 | 21 | 2.000000.797 | (8) | ||
| brakes | 32 | Oscar Larrauri (ARG) | Euro Brun ER-188 | Ford Cosworth DFZ | Goodyear | 14 | 0.000 | 18 | 9.000000.093 | 20 | 2.000000.320 | (7) | ||
| engine | 18 | Eddie Cheever (USA) | Arrows A10B | Megatron | Goodyear | 8 | 2.000000.673 | 9 | 8.000000.227 | 18 | 1.000000.757 | (7) | ||
| engine | 26 | Stefan Johansson (SWE) | Ligier JS31 | Judd CV | Goodyear | 6 | 3.000000.369 | 26 | 0.000 | 23 | 4.000000.016 | (5) | ||
| suspension | 31 | Gabriele Tarquini (ITA) | Coloni FC-188 | Ford Cosworth DFZ | Goodyear | 5 | 7.000000.353 | 24 | 0.000 | 22 | 3.000000.570 | (4) | ||
| collision | 1 | Nelson Piquet (BRA) | Team Lotus 100T | Honda RA168-E | Goodyear | 0 | 11 | 8.000000.403 | ||||||
| spun off | 36 | Alex Caffi (ITA) | Dallara BMS-188 | Ford Cosworth DFZ | Goodyear | 0 | 17 | 9.000000.075 | ||||||
| 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 | 8.000000.527 | |||||||
| Not qualified | ||||||||||||||
| -- | 2 | Satoru Nakajima (JPN) | Team Lotus 100T | Honda RA168-E | Goodyear | 0.000 | ||||||||
| -- | 10 | Bernd Schneider (GER) | Zakspeed 881 | Zakspeed 881 | Goodyear | 0.000 | ||||||||
| -- | 23 | Adrián Campos (ESP) | Minardi M188 | Ford Cosworth DFZ | Goodyear | 0.000 | ||||||||
| -- | 4 | Julian Bailey (GBR) | Tyrrell 017 | Ford Cosworth DFZ | Goodyear | 0.000 | ||||||||
