The 2002 Indy Racing League (IRL) was one of transition, with two reigning CART championship teams, Team Penske and Target Chip Ganassi Racing, joining the series with full time entries. The Oldsmobile engine was rebranded as a Chevrolet, and both Honda and Toyota announced their participation in the series starting in 2003 while Infiniti announced its withdrawal.
Sam Hornish Jr. won 5 races on his way to his second straight championship ahead of Penske juggernaut Hélio Castroneves, winner of two races including a second straight Indy 500, on his way to second in the championship. The season was also notable for seeing six drivers win their first career Indy Racing League races.