Juan Fangio won the Italian Grand Prix 1954 at Autodromo Nazionale di Monza on 5 September 1954, starting from pole position. Mike Hawthorn finished second for Ferrari, with Umberto Maglioli completing the podium for Ferrari.
| Pos | Grid | Driver | Team | Laps | Time / Status | Pts | FL |
|---|---|---|---|---|---|---|---|
| 1 | 1 | Juan FangioFAN | Mercedes | 80 | 2:47:47.9 | 8 | |
| 2 | 7 | Mike HawthornHAW | Ferrari | 79 | +1 Lap | 6 | |
| 3 | 13 | Umberto MaglioliMAG | Ferrari | 78 | +2 Laps | 2 | |
| 3 | 13 | José Froilán GonzálezGON | Ferrari | 78 | +2 Laps | 3 | |
| 4 | 8 | Hans HerrmannHER | Mercedes | 77 | +3 Laps | 3 | |
| 5 | 11 | Maurice TrintignantTRI | Ferrari | 75 | +5 Laps | 2 | |
| 6 | 18 | Fred WackerWAC | Gordini | 75 | +5 Laps | 0 | |
| 7 | 16 | Peter CollinsCOL | Vanwall | 75 | +5 Laps | 0 | |
| 8 | 20 | Louis RosierROS | Maserati | 74 | +6 Laps | 0 | |
| 9 | 9 | Sergio MantovaniMAN | Maserati | 74 | +6 Laps | 0 | |
| 10 | 3 | Stirling MossMOS | Maserati | 71 | +9 Laps | 0 | |
| 11 | 19 | Jorge DaponteDAP | Maserati | 70 | +10 Laps | 0 | |
| R | 2 | Alberto AscariASC | Ferrari | 48 | Engine | 0 | |
| R | 6 | Luigi VilloresiVIL | Maserati | 42 | Clutch | 0 | |
| R | 4 | Karl KlingKLI | Mercedes | 36 | Accident | 0 | |
| R | 10 | Roberto MieresMIE | Maserati | 34 | Suspension | 0 | |
| R | 14 | Luigi MussoMUS | Maserati | 32 | Transmission | 0 | |
| R | 5 | José Froilán GonzálezGON | Ferrari | 16 | Gearbox | 0 | |
| R | 15 | Robert ManzonMAN | Ferrari | 16 | Engine | 0 | |
| R | 17 | Clemar BucciBUC | Gordini | 13 | Transmission | 0 | |
| R | 12 | Jean BehraBEH | Gordini | 2 | Engine | 0 | |
| F | 21 | Giovanni de RiuDER | Maserati | 0 | Did not qualify | 0 |