The Kentucky Derby is a stakes race for three-year-old thoroughbred horses, staged yearly in Louisville, Kentucky on the first Saturday in May, capping the two-week-long Kentucky Derby Festival. The race currently covers one and one-quarter miles (2.012 km) at Churchill Downs; colts and geldings carry 126 pounds (57 kg), fillies 121 pounds (55 kg).

The race, known as "The Most Exciting Two Minutes in Sports" for its approximate time length, is the first leg of the Triple Crown of Thoroughbred Racing in the United States. It typically draws around 155,000 fans.The Kentucky Derby is one of the crown jewels of the elusive Triple Crown which includes the Belmont Stakes and the Preakness Stakes.

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Horse racing in Kentucky is rich in history, dating back to 1789 when the first race course was laid out in Lexington. However, it was almost 100 years later, in 1875, that Churchill Downs officially opened and began its tradition as "Home of the Kentucky Derby."

In 1787, The Commons, a park-like block near Lexington's Race Street was used by horsemen for racing. By 1789, complaints by "safety minded" citizens led to the formal development of a race meet at The Commons. The men who organized this race meet, including Kentucky Statesman Henry Clay, also formed the Commonwealth's first Jockey Club. The organization later was named the Kentucky Jockey Club in 1809.

Racing in Louisville dates back to 1783 when local sources reported that races were held on Market Street in the downtown area. To alleviate the problems associated with racing on the busy city thoroughfare, a course was developed at the now abandoned Shippingport Island in 1805. Racing was conducted on the island in the Ohio River at what was called the Elm Tree Gardens.

By 1827, a new track, known as the Hope Distillery Course, was laid out on what is presently Main and 16th Streets. Racing was also held on a number of private tracks located on farms throughout the local area. One of the more prominent of these was Peter Funk's Beargrass Track which was located in an area now bordered by Hurstbourne Lane and Taylorsville Road.

The Oakland Race Course was opened in the fall of 1833 and brought racing back to a formal site with the track, complete with clubhouse, located at what is now Seventh and Magnolia Streets in "Old Louisville". This was followed in 1858 by the opening of the Woodlawn Course on the Louisville and Lexington railroad lines just outside of today's St. Matthews, east of Louisville. The site closed in 1870, but the Woodlawn Vase, the track's premier trophy, has been used in the presentation to the winner of the Preakness Stakes at Pimlico since 1917.

Harness racing was also a significant part of Louisville's early racing history with a number of tracks in existence. One of the most prominent was Greeneland, a racecourse for trotters was built just east of Churchill Downs in 1868.