The 1992 Melbourne Cup was a two-mile handicap horse race which took place on Tuesday, 3 November 1992. The race was run over , at Flemington Racecourse.
The Cup was won by the 4 year old gelding Subzero. Subzero was trained by Lee Freedman, his second win of five in the Cup after Tawriffic in 1989 and followed by Doriemus (1995) and Makybe Diva (2004 and 2005). It was the only win by Greg Hall in the Melbourne Cup.
After the Australian bred Subzero, the next five placings were New Zealand bred horses including the runner up and race favourite Veandercross and the three time Wellington Cup winner Castletown in third.
Following his retirement, Subzero was employed as the clerk of the course's horse by Graham Salisbury, Racing Victoria's long-time clerk. Subzero died in 2020 at the age of 32, two months after Graham Salisbury.
This is a list of horses which ran in the 1992 Melbourne Cup.