1992 Kentucky Derby
| Kentucky Derby | |
| Location | Churchill Downs |
|---|---|
| Date | May 2, 1992 |
| Winning horse | Lil E. Tee |
| Jockey | Pat Day |
| Trainer | Lynn S. Whiting |
| Owner | W. Cal Partee |
| Conditions | Fast |
| Surface | Dirt |
| Attendance | 132,543 |
The 1992 Kentucky Derby was the 118th running of the Kentucky Derby. The race took place on May 2, 1992. There were 132,543 in attendance. The eighth-place finish of odds-on favorite Arazi was the worst finish of an odds-on betting favorite in Derby history.