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The Monaco Grand Prix was the second race of the 1967 season and it took place five months after the Grand Prix at Kyalami. Many pre-season races took place in the five month period. Dan Gurney won the Race of Champions in his Eagle-Weslake and Mike Parkes won the International Trophy. John Pearce intended on entering F1 with an all-aluminum chassis and a Martin V8 engine but his transportation unit caught fire and it was all burned.

Jack Brabham started in the pole position with Bandini sharing the row with him. In the second row were John Surtees and Denny Hulme. Bandini started the race in the lead and almost off the line Brabham's engine blew up and he spun in the middle of the cars. Fortunately the blown engine didn't affect the race much with the exception of Jo Siffert's car. On the second lap Clark dropped to the back and Hulme and Stewart pushed ahead of Bandini. Hulme stayed in front until the sixth lap when Stewart took it from him. Stewart almost immediately ran into transmission problems and returned the lead to Hulme. Bandini ran second behind Hulme and McLaren trailed him after Surtees retired. Clark caught back up to fourth place but retired with a shock absorber failure and so Chris Amon inherited fourth.

McLaren ran into some electrical trouble in his car and dropped behind Amon and Hill. On the eighty-second lap of the Monaco Grand Prix Bandini lost control of his car at the chicane and overturned. His vehicle caught on fire and Bandini was trapped inside. Emergency workers were able to get Bandini out and Bandini was rushed to the hospital in Monaco.

Hulme ended up winning the Monaco Grand Prix with the BT24. Graham Hill finished second in his Lotus and Chris Amon grabbed third in his Ferrari.

Bandini died from his injuries the Wednesday following the race. Following the death of Bandini, Dupont introduced flame-retardant overalls for racers with a material called Nomex. This material is still the standard for today's racers.