Emerson Fittipaldi won the Spanish Grand Prix 1972 at Jarama on 1 May 1972, starting from P3 on the grid. Jacky Ickx finished second for Ferrari, with Clay Regazzoni completing the podium for Ferrari.
| Pos | Grid | Driver | Team | Laps | Time / Status | Pts | FL |
|---|---|---|---|---|---|---|---|
| 1 | 3 | Emerson FittipaldiFIT | Team Lotus | 90 | 2:03:41.2 | 9 | |
| 2 | 1 | Jacky IckxICK | Ferrari | 90 | +18.92 | 6 | |
| 3 | 8 | Clay RegazzoniREG | Ferrari | 89 | +1 Lap | 4 | |
| 4 | 13 | Andrea de AdamichDEA | Surtees | 89 | +1 Lap | 3 | |
| 5 | 11 | Peter RevsonREV | McLaren | 89 | +1 Lap | 2 | |
| 6 | 16 | Carlos PacePAC | March | 89 | +1 Lap | 1 | |
| 7 | 14 | Wilson FittipaldiFIT | Brabham | 88 | +2 Laps | 0 | |
| 8 | 18 | Tim SchenkenSCH | Surtees | 88 | +2 Laps | 0 | |
| 9 | 24 | David WalkerWAL | Team Lotus | 87 | +3 Laps | 0 | |
| 10 | 23 | Graham HillHIL | Brabham | 86 | +4 Laps | 0 | |
| 11 | 19 | Henri PescaroloPES | March | 86 | +4 Laps | 0 | |
| R | 4 | Jackie StewartSTE | Tyrrell | 69 | Accident | 0 | |
| R | 6 | Chris AmonAMO | Matra | 66 | Gearbox | 0 | |
| R | 12 | François CevertCEV | Tyrrell | 65 | Ignition | 0 | |
| R | 21 | Peter GethinGET | BRM | 65 | Engine | 0 | |
| R | 2 | Denny HulmeHUL | McLaren | 48 | Gearbox | 0 | |
| R | 20 | Howden GanleyGAN | BRM | 38 | Engine | 0 | |
| R | 10 | Reine WisellWIS | BRM | 24 | Accident | 0 | |
| R | 5 | Mario AndrettiAND | Ferrari | 23 | Oil pressure | 0 | |
| R | 15 | Mike HailwoodHAI | Surtees | 20 | Electrical | 0 | |
| R | 9 | Ronnie PetersonPET | March | 16 | Fuel leak | 0 | |
| R | 17 | Rolf StommelenSTO | March | 15 | Accident | 0 | |
| R | 7 | Jean-Pierre BeltoiseBEL | BRM | 9 | Gearbox | 0 | |
| R | 25 | Niki LaudaLAU | March | 7 | Differential | 0 | |
| R | 22 | Alex Soler-RoigSOL | BRM | 6 | Accident | 0 | |
| F | 0 | Mike BeuttlerBEU | March | 0 | Did not qualify | 0 |