The 1962 Masters Tournament was the 26th Masters Tournament, held April 5–9 at Augusta National Golf Club in Augusta, Georgia. Arnold Palmer won the third of his four Masters titles in the tournament's first three-way playoff. It was the fifth of his seven major titles.
The other two in the 18-hole Monday playoff were also major championship winners: defending champion Gary Player and Dow Finsterwald, winner of the PGA Championship in 1958. Out in 37 and down three strokes to Player at the turn, Palmer shot a 31 on the back nine for 68, while Player shot a 71 and Finsterwald a 77. In the lead after three rounds, Palmer was five-over for his final round after a double bogey at the 10th hole. After five pars, he birdied 16 and 17 to get into the Monday playoff with a 75 (+3). The gallery for the playoff was estimated at 16,000 spectators.
Henry Picard, the 1938 champion, made his final cut at Augusta at age 55. Jack Nicklaus, 22, tied for 15th in his fourth appearance, the first as a professional. He won the next major, the U.S. Open, in a playoff over Palmer at Oakmont near Pittsburgh.
With near misses in 1959 and 1961, Palmer admitted it could've been his fifth consecutive title at Augusta.
The 36-hole cut was increased this year to include the low 44 plus ties and anyone within 10 shots of the lead (previously it was the low 40 plus ties and anyone within 10 shots of the lead). 109 players entered the tournament and 51 made the cut at 149 (+5).
Bruce Crampton won the third Par 3 contest with a score of 22.