The 1998 Melbourne Cup was the 138th running of the Melbourne Cup, a prestigious Australian Thoroughbred horse race. The race, run over , was held on Tuesday, 3 November 1998 at Melbourne's Flemington Racecourse.
The race was won in 3 mins 18.59s by the New Zealand bred and trained mare Jezabeel (Zabeel-Passefleur) from another kiwi bred and trained mare, Champagne. Both of them were also by Zabeel and carried 51 kg while the third place-getter, Persian Punch (Ireland) carried 56.5kg.
Three Crowns was euthanised after shattering a leg.