The 1988 Australian Grand Prix was a Formula One motor race held at the Adelaide Street Circuit on 13 November 1988. It was the sixteenth and final race of the 1988 Formula One World Championship, and the last race for which turbocharged engines would be eligible until the 2014 Australian Grand Prix.

The race was won by Frenchman Alain Prost, driving a McLaren-Honda. It was Prost's seventh victory of the season, and the McLaren team's fifteenth, a record for a constructor in a single season that would stand until 2014. Prost's Brazilian teammate and new World Champion Ayrton Senna finished second, having started from pole position, while Senna's compatriot and outgoing champion Nelson Piquet came third in a Lotus-Honda, achieving what would turn out to be the final podium finish for the original Team Lotus.