After a gruelling double-stint by Jones, Lowndes began the final stint of the race as the premier challenger to the DJR Falcon of John Bowe which had dominated the race. With eleven laps to go Lowndes stunned the touring car establishment overtaking Bowe on the outside of Griffins Bend in a move that made him a household name. Bowe retook a lap later and Lowndes was forced to back off in the closing laps but second was an impressive achievement for a rookie driver.
A year later Lowndes qualified on pole for the Bathurst 1000, only for his Holden Racing Team Commodore to DNF early on in the race when both HRT cars experienced oil pressure problems and engine failure during the race. HRT had seen enough however and for the 1996 season replaced Tomas Mezera full time in the team. At his first attempt, he won the championship and also won both the Sandown and Bathurst races with team-mate Greg Murphy.
His Bathurst 1000 victory in 1996 making Craig Lowndes the youngest winner of the Bathurst 1000, at the time. With Lowndes and Greg Murphy the youngest ever driver pairing to win the Bathust 1000.
In the first full year of campaigning the VT Commodore, Lowndes had already amassed a large lead by the time the series arrived for Round 8 at Calder Park Raceway. Following a win in the first sprint race, a poor start by Lowndes saw him bogged down in the field and subsequently tapped by another car which resulted in a spectacular roll over, momentarily sending the car airborne, into an embankment. The car (which was only 4 races old) was declared a write-off and Lowndes was fortunate to only suffer a knee injury. Despite missing the following round at Symmons Plains Raceway due to the injury, Lowndes still went on to clinch the Championship at the Bathurst Classic finishing second in the final round of the season.
At the V8 Gala Awards, Lowndes was awarded the Barry Sheene Medal, an award akin to Most Valuable Player which is voted on by a team of panellists from the Australian media, motorsport magazines, television commentators and former drivers. This award was first introduced in 2003, in honour of the late Barry Sheene. Marcos Ambrose won it in 2003 and 2004, winning the championship in both years. Hence this made Lowndes the first non championship winner to take out the award.
Lowndes was a contender for the championship right up until the last race, being level on points with Rick Kelly. The two fought one of the closest non-staged finishes in Bathurst 1000 history on October 8, with Lowndes winning over Kelly by just half a second. It was his first Bathurst win since 1996 and Ford's first since 1998. The win was a very emotional one for Lowndes, being the first Bathurst 1000 held since the death of his long-time mentor Peter Brock at a road rally the month before. As winners of the Bathurst 1000, the inaugural Peter Brock Trophy was presented to Lowndes and his team-mate, Jamie Whincup.
Lowndes eventually finished second in the 2006 V8 Supercar season. After complaining of having been "unfairly" held up for up to six seconds a lap by Rick Kelly's team mates over the first two races, Lowndes was level on championship points with Kelly after race 2 (of 3) in the final round. A crash involving Kelly where light contact was made going into the hairpin resulted in Will Davison making contact with Lowndes, damaging his vehicle. Despite receiving a drive-through penalty, Kelly went on to finish the race in 18th position and seal the championship victory, while Lowndes finished the race 31st. Kelly was booed by Ford fans when he was on the podium to receive his trophy.
Lowndes and Triple Eight Racing lodged a protest and a hearing was set up. The protest was dismissed after a long hearing and Rick Kelly was confirmed as the 2006 champion. Lowndes and Triple Eight Racing decided not to appeal that decision and proclaim themselves the "Moral Champions" for the 2006 season. Lowndes won the Barry Sheene Medal for the second year in a row.
Lowndes had three victories in 2007, the sixth round at Hidden Valley Raceway, and both the endurance classics, the Sandown 500 and the Bathurst 1000. He finished third place in the championship. His team mate, Jamie Whincup, came second in the V8 Supercar Championship.
| Season | Series | Position | Car | Team |
|---|---|---|---|---|
| 1991 | "Champion of Winton" Formula Ford Series | 1st | Van Diemen RF85 Ford | |
| 1992 | Motorcraft Fomula Ford Driver to Europe Series | 6th | Van Diemen RF85 Ford Reynard FF88 Ford | |
| 1993 | Australian Formula Ford Championship | 1st | Van Diemen RF93 Ford | |
| 1994 | Australian Drivers' Championship | 4th | Cheetah Mk9 Holden | Brian Sampson |
| 1994 | Australian Silver Star | 1st | Cheetah Mk9 Holden | Brian Sampson |
| 1996 | Australian Touring Car Championship | 1st | Holden Commodore VR | Holden Racing Team |
| 1997 | International Formula 3000 Championship | 17th | Lola T96/50 Zytek | RSM Marko |
| 1998 | Australian Touring Car Championship | 1st | Holden Commodore VS Holden Commodore VT | Holden Racing Team |
| 1999 | V8Supercar Championship Series | 1st | Holden Commodore VT | Holden Racing Team |
| 2000 | V8Supercar Championship Series | 3rd | Holden Commodore VT | Holden Racing Team |
| 2001 | V8Supercar Championship Series | 11th | Ford Falcon AU | Gibson Motor Sport |
| 2002 | V8Supercar Championship Series | 7th | Ford Falcon AU | 00 Motorsport |
| 2003 | V8Supercar Championship Series | 5th | Ford Falcon BA | Ford Performance Racing |
| 2004 | V8Supercar Championship Series | 20th | Ford Falcon BA | Ford Performance Racing |
| 2005 | V8Supercar Championship Series | 2nd | Ford Falcon BA | Betta Electrical Racing |
| 2006 | V8Supercar Championship Series | 2nd | Ford Falcon BA | Betta Electrical Racing |
| 2007 | V8Supercar Championship Series | 3rd | Ford Falcon BF | TeamVodafone |
| 2008 | V8Supercar Championship Series | Currently 8th as of 5/8/2008 | Ford Falcon BF | TeamVodafone |