One of the largest entry fields in the history of the sport required a number of drivers to take part in pre-qualifying sessions on the Wednesday before the race. The event saw the debut of the exciting young Quebecois driver Gilles Villeneuve in a third McLaren, as well as the first time a turbocharged car took part in a Formula One race, the Renault RS01 of Jean-Pierre Jabouille. Teddy Mayer allegedly said that he thought Villeneuve "looked a bit expensive" and GIlles was snapped up by Ferrari by the end of the season.
The event was almost tinged with tragedy as David Purley, already feted and awarded the George Medal for his ultimately unsuccessful attempts to rescue compatriot Roger Williamson from the wreck of his burning March at the 1973 Dutch Grand Prix, suffered a huge accident. He survived the then-record 180g accident, though suffered terrible leg injuries. For many years, the crumpled wreck of his Lec was on display at the Donington Collection.
James Hunt won his home Grand Prix from the Ferrari of eventual champion Niki Lauda, less than a year since his fiery accident at the Nürburgring, with the Lotus of Gunnar Nilsson in third. The turbocharged Renault expired with turbo failure, while impressive debutant Villeneuve was running just outside the points when a fuel pressure gauge failed, causing him to pit and he eventually finished eleventh.