The 1992 Cheltenham Gold Cup was a horse race which took place at Cheltenham on Thursday 12 March 1992. It was the 65th running of the Cheltenham Gold Cup, and it was won by Cool Ground. The winner was ridden by Adrian Maguire and trained by Toby Balding. The pre-race favourite Carvill's Hill finished fifth.
It was a controversial result, as some observers felt that the rank outsider Golden Freeze was ridden with the intention of unsettling Carvill's Hill by jumping alongside him at every fence. [1]
| * | Horse | Age | Jockey | Trainer† | SP | |
| 1 | Cool Ground | 10 | Adrian Maguire | Toby Balding | 25/1 | |
| 2 | shd | The Fellow | 7 | Adam Kondrat | François Doumen (FR) | 7/2 |
| 3 | 1 | Docklands Express | 10 | Mark Perrett | Kim Bailey | 16/1 |
| 4 | dist | Toby Tobias | 10 | Mark Pitman | Jenny Pitman | 15/2 |
| 5 | dist | Carvill's Hill | 10 | Peter Scudamore | Martin Pipe | Evens fav |
| PU | Fence 20 | Norton's Coin | 11 | Graham McCourt | Sirrel Griffiths | 33/1 |
| PU | Fence 16 | Golden Freeze | 10 | Michael Bowlby | Jenny Pitman | 150/1 |
| UR | Fence 15 | Kings Fountain | 9 | Anthony Tory | Kim Bailey | 8/1 |
* The distances between the horses are shown in lengths or shorter. shd = short-head; PU = pulled-up; UR = unseated rider.
† Trainers are based in Great Britain unless indicated.
Further details of the winner, Cool Ground :