The 1992 Isle of Man TT was the 86th edition of the event. Geoff Bell, Brian Reid and Phillip McCallen all won two races each. Bell and passenger Keith Cornbill took both Sidecar races, Reid was victorious at the Junior TT and Supersport 400 TT, while Phillip McCallen held off Steve Hislop at the Formula One TT and Supersport 600 TT. The Ultra-Lightweight TT was a Dunlop family one-two, with Joey Dunlop equalling Mike Hailwood's record of 14 TT wins, and younger brother Robert finishing less than nine seconds behind in second.^[1]

The closing race, the 1992 Senior TT, is often regarded as one of the best, if not the best race in TT history.^[2][3][4] Steve Hislop and Carl Fogarty, who had both failed to win a race so far that year, went head-to-head in an extremely close duel, swapping first position several times during the 6 laps race. Hislop had to start the race further down the field with #19, compared to Fogarty's #4, which meant he had to contend with more traffic during the early laps. In the end, Hislop came first by only four seconds, beating Fogarty who set a new track record in the final lap.^[1] It was the last time Fogarty and Hislop raced against each other at the TT, as Fogarty never competed again on the Isle of Man TT course, while Hislop had his final start in 1994.^[5]

One competitor died during the event: 1964 Olympic gold medallist luger Manfred Stengl, who crashed at the 33rd Milestone while holding last position during the Formula One TT.^[6]