In his final race before the Derby, Monarchos finished second to Congaree in the Wood Memorial Stakes. However, Ward described the race as "a perfect prep." At Churchill Downs on 5 May, Monarchos was the 10.5/1 fourth choice in the betting for the Derby. After being bumped at the start he made steady progress on the outside and turned into the straight in sixth place. Chavez sent the gray colt to the lead a furlong from the finish, and Monarchos pulled clear to win by almost five lengths from Invisible Ink, with Congaree third and the favored Point Given fifth.