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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.

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.

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