Race Result
| GP n. 40 - 05/09/1954 - Grand Prix of Italy Autodromo Nationale di Monza |
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| Winner: | Juan Manuel Fangio / Mercedes - 2:47'47.9 | ||||||
| Pole Position: | Juan Manuel Fangio / Mercedes - 1:59.0 | ||||||
| Fastest Lap: | Jose Froilan Gonzalez / Ferrari - 2:00.8 | ||||||
| Pos | Nš | Driver | Constructor | Laps | Time/Retired | Grid | Points |
| 1 | 16 |  Juan Manuel Fangio |
Mercedes | 80 | 2:47'47.9 | 1 | 8 |
| 2 | 40 |  Mike Hawthorn |
Ferrari | 79 | + 1 lap | 7 | 6 |
| 3 | 38* | Jose Froilan Gonzalez |
Ferrari | 48 | + 2 laps | 13 | 3 |
| 3 | 38* |  Umberto Maglioli |
Ferrari | 30 | + 2 laps | 13 | 2 |
| 4 | 12 |  Hans Herrmann |
Mercedes | 77 | + 3 laps | 8 | 3 |
| 5 | 30 |  Maurice Trintignant |
Ferrari | 75 | + 5 laps | 11 | 2 |
| 6 | 42 |  Fred Wacker |
Gordini | 75 | + 5 laps | 18 | 0 |
| 7 | 10 | Peter Collins |
Vanwall | 75 | + 5 laps | 16 | 0 |
| 8 | 26 | Louis Rosier |
Maserati | 74 | + 6 laps | 20 | 0 |
| 9 | 18 | Sergio Mantovani |
Maserati | 74 | + 6 laps | 9 | 0 |
| 10 | 28 | Stirling Moss |
Maserati | 71 | + 9 laps | 3 | 0 |
| 11 | 8 | Jorge Daponte |
Maserati | 70 | + 10 laps | 19 | 0 |
| Ret | 34 | Alberto Ascari |
Ferrari | 48 | engine | 2 | 0 |
| Ret | 22 | Luigi Villoresi |
Maserati | 42 | clutch | 6 | 0 |
| Ret | 14 | Karl Kling |
Mercedes | 36 | accident | 4 | 0 |
| Ret | 24 | Roberto Mieres |
Maserati | 34 | suspension | 10 | 0 |
| Ret | 20 | Luigi Musso |
Maserati | 32 | transmission | 14 | 0 |
| Ret | 6 | Robert Manzon |
Ferrari | 16 | engine | 15 | 0 |
| Ret | 32 | Jose Froilan Gonzalez |
Ferrari | 16 | gearbox | 5 | 0 |
| Ret | 46 | Clemar Bucci |
Gordini | 13 | transmission | 17 | 0 |
| Ret | 44 | Jean Behra |
Gordini | 2 | engine | 12 | 0 |
| * Shared driver | |||||||