The 61st International 500 Mile Sweepstakes was held at the Indianapolis Motor Speedway in Speedway, Indiana on Sunday, May 29, 1977. Considered one of the most historically significant editions of the Indianapolis 500, several sidebar stories complemented the unprecedented accomplishment of race winner A. J. Foyt. Foyt became the first driver to win the Indianapolis 500 four times. As of 2016, Foyt's record has been tied by Al Unser Sr. and Rick Mears, but still stands as an Indy record. Foyt's victory is also the last time the winning car (both chassis and engine) was built entirely within the United States.

The race was sanctioned by USAC, and was part of the 1977 USAC National Championship Trail. After rain-shortened races in three of the past four years (1973, 1975, 1976), the 1977 race was run the full distance under hot and sunny conditions.

Two major stories headlined qualifying. During time trials, pole position winner Tom Sneva became the first driver to break the 200 mph barrier at the Speedway. On the final day of time trials, Janet Guthrie broke the gender barrier by becoming the first female driver to qualify for the Indy 500.

During the summer of 1976, the entire track was repaved in asphalt. It marked the first time since the bricks were laid in the fall of 1909 that the Indianapolis Motor Speedway was repaved in its entirety. The surface was allowed to cure over the winter, and during a tire test in March, Gordon Johncock ran a lap of 200.401 mph, an unofficial track record.

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