The 1998 Hungarian Grand Prix was a Formula One motor race held at the Hungaroring, Mogyoród on 16 August 1998. It was the twelfth race of the 1998 Formula One World Championship.

The race was won by German driver Michael Schumacher, driving a Ferrari, after he started from third position. Drivers' Championship leader, Finn Mika Häkkinen, took pole position in his McLaren-Mercedes and led the first 46 laps. Under guidance from Ferrari technical director Ross Brawn, Schumacher opted to take three pit stops rather than the two favoured by the McLarens, and took the lead after his second stop, before extending his advantage such that he could retain it after his third stop. Schumacher went on to win by 9.4 seconds from Briton David Coulthard in the other McLaren-Mercedes, with Canadian Jacques Villeneuve third in a Williams-Mecachrome.

With Häkkinen dropping to sixth after shock absorber problems in the closing stages of the race, Schumacher cut the Finn's championship lead to seven points with four races remaining. In October 1998, the organisers of the race were fined US$1 million, with US$750,000 of it suspended, due to a track invasion. As there was no repeat of this invasion in the following two years, the fine was US$250,000.