Monarchos raced twice as a two-year-old, at Keeneland on October 7, when he finished eighth, beaten by 12½ lengths, and then at Churchill Downs on November 24, when he closed ground late to finish third, 5½ lengths behind the winner. He made a winning three-year-old debut when taking a minor race at Gulfstream Park in January 2001 and followed up with a win in an allowance race in February. He established himself as a contender for the Kentucky Derby with his run in the Florida Derby in March. Ridden by Jorge Chavez, he won by four and a half lengths from Outofthebox and Invisible Ink. Chavez was impressed by the performance, saying that "when I asked him, he just exploded." Bill Nack, writing in "Sports Illustrated", was equally enthusiastic, calling the win "electrifying" and drawing comparisons with other famous grays such as Spectacular Bid and Holy Bull.