The 1992 PPG Indy Car World Series season was the 14th national championship season of American open wheel racing sanctioned by CART (d.b.a "IndyCar"). The season consisted of 16 races. Bobby Rahal was the national champion, his third career CART title. Stefan Johansson was named the Rookie of the Year. The 1992 Indianapolis 500 was sanctioned by USAC, but counted towards the CART points championship. Al Unser, Jr. won the Indy 500 in the closest finishing in the history of that event.
Starting in 1992, and continuing through 1996, the CART organization began operating under the name IndyCar. The term IndyCar was a registered trademark of IMS, Inc., and was licensed to CART from 1992-1996. The use of the term "CART" was curtailed in the series and in the media in favor of IndyCar during this period.
The circuit welcomed a new venue in 1992, New Hampshire International Speedway.
Bobby Rahal, who was in his first season as an owner/driver, won four races and three poles en route to the title. Rahal's three oval wins included a dominating wire-to-wire victory at Phoenix, where he led all 200 laps. Rahal fielded the "tried and true" Lola/Ilmor Chevrolet "A" combination. It was the final championship for the Ilmor Chevy A engine. Rahal managed to outperform the newer engines that joined the series in 1992, the Ford/Cosworth XB, as well as the Ilmor Chevy "B" engine, which was used by the Penske team. For the third time, Michael Andretti finished runner-up to Rahal in the points.