The 1934 Minnesota gubernatorial election took place on November 6, 1934. Farmer-Labor candidate Floyd B. Olson defeated Republican challenger Martin A. Nelson and returning Democratic challenger John E. Regan, who has previously ran against him in 1932.
The Farmer-Labor Primary election was held on June 18, 1933. Floyd Olson was renominated for a third term. Olson was challenged by John Lind III, who had no known relation to previous governor John Lind.
The Republican Primary was held on June 18, 1934. Martin A. Nelson won the primary.
The Democratic Primary was a crowded battle between eight candidates. John E. Regan, who was the Democratic nominee in 1932, was able to win his second primary.
Early in the campaign, in March of 1934, Olson declared himself a Radical, not a Liberal as many had attempted to frame him. Amid accusations of being a Communist, Olson stated that he was not a Communist, nor was Communism an immediate threat to the United States or Minnesota. Olson argued that if any ideology should be of concern, it should be Fascism. A journalist of the time mocked Olson, stating that if there is a real threat of fascism, Olson was the only person who knew about it. Olson was unable to dispel ideological concerns from his most vocal critics.
Olson vocally criticized those who opposed his policies, notably calling out State Senators Anton J. Rockne, J. V. Weber and Claude MacKenzie for opposing a $5,000,000 relief bill, stating "These men were willing to play politics with human misery."
Townley's campaign was considered hopeful for the Republicans, since it was thought that Olson's voter base would be split to their advantage. Townley was running on a more moderate Farmer-Labor platform.
This election was the second gubernatorial election in Minnesota in which a straw poll was conducted. Despite a large sample size, the straw poll massively over-predicted Nelson's performance, as the previous one in 1932 had over-predicted the performance of then-nominee Earle Brown.