Mike Hawthorn won the Spanish Grand Prix 1954 at Circuit de Pedralbes on 24 October 1954, starting from P3 on the grid. Luigi Musso finished second for Maserati, with Juan Fangio completing the podium for Mercedes.
| Pos | Grid | Driver | Team | Laps | Time / Status | Pts | FL |
|---|---|---|---|---|---|---|---|
| 1 | 3 | Mike HawthornHAW | Ferrari | 80 | 3:13:52.1 | 8 | |
| 2 | 7 | Luigi MussoMUS | Maserati | 80 | +1:13.2 | 6 | |
| 3 | 2 | Juan FangioFAN | Mercedes | 79 | +1 Lap | 4 | |
| 4 | 11 | Roberto MieresMIE | Maserati | 79 | +1 Lap | 3 | |
| 5 | 12 | Karl KlingKLI | Mercedes | 79 | +4 Laps | 2 | |
| 6 | 13 | Paco GodiaGOD | Maserati | 76 | +4 Laps | 0 | |
| 7 | 20 | Louis RosierROS | Maserati | 74 | +6 Laps | 0 | |
| 8 | 14 | Ken WhartonWHA | Maserati | 74 | +6 Laps | 0 | |
| 9 | 15 | Prince BiraBIR | Maserati | 68 | +12 Laps | 0 | |
| R | 10 | Sergio MantovaniMAN | Maserati | 58 | Brakes | 0 | |
| R | 21 | Toulo de GraffenriedDEG | Maserati | 57 | Engine | 0 | |
| R | 21 | Ottorino VolonterioVOL | Maserati | 57 | Engine | 0 | |
| R | 9 | Hans HerrmannHER | Mercedes | 50 | Injection | 0 | |
| R | 8 | Maurice TrintignantTRI | Ferrari | 47 | Gearbox | 0 | |
| R | 16 | Jacques PolletPOL | Gordini | 37 | Engine | 0 | |
| R | 4 | Harry SchellSCH | Maserati | 29 | Transmission | 0 | |
| R | 6 | Stirling MossMOS | Maserati | 20 | Oil pump | 0 | |
| R | 18 | Jean BehraBEH | Gordini | 17 | Brakes | 0 | |
| R | 19 | Jacques SwatersSWA | Ferrari | 16 | Engine | 0 | |
| R | 1 | Alberto AscariASC | Lancia | 10 | Clutch | 1 | |
| R | 5 | Luigi VilloresiVIL | Lancia | 2 | Brakes | 0 | |
| R | 17 | Robert ManzonMAN | Ferrari | 2 | Engine | 0 | |
| W | 0 | Peter CollinsCOL | Vanwall | 0 | Accident | 0 |