The race was highlighted by drama, including a poorly executed pit-stop from the Red Bull team that allowed Lewis Hamilton to take control of the race- and also saw seven drivers crash out of the race in wet conditions.
The race was heavy enough that it forced the race to begin under safety car conditions - and it took eight laps for racing to get underway, with Daniel Ricciardo leading the way from the outset.
However, things quickly slowed down - as Renault's Jolyon Palmer lost control of his car within a minute of the restart and the race went back to virtual safety car conditions.
The carnage continued shortly after, as Ferrari's Kimi Raikkonen was the next driver to crash out of the race, as the Finnish driver was forced to retire from the race on lap 12 due to a broken front wing.
Once racing resumed, Ricciardo was the fastest driver on the track - and within five laps, the Aussie had already established a ten second gap ahead of Nico Rosberg in second place.
As the gap between Ricciardo and Rosberg grew larger by the lap, Mercedes instructed the Championship leader to yield his position to his British teammate - a move which paid off for the Silver Arrows, as Hamilton started to close in on the Red Bull out front.
On lap 24, Ricciardo pitted from the lead and moved onto intermediate tyres - while Mercedes opted to keep Hamilton on his wets until Ricciardo closed the gap to half a second.
It wasn't until lap 32 that Hamilton made his first and only stop of the race - shifting from wet weather tyres on to the ultra softs, which allowed Ricciardo to momentarily re-take the race lead.
But a disastrous pit-stop from Ricciardo's crew saw that lead vanish - as a miscommunication meant that the Red Bull garage had no tyres ready on the stop, which cost the Australian some valuable time, as well as the race lead.
Within minutes, it went from bad to worse for the Red Bull garage - as Max Verstappen was the next driver to retire from the race, after the teenager crashed into the barrier.
Once the virtual safety car was lifted, Ricciardo started his pursuit of Hamilton - but the British driver was quick to close the door at any opportunity, including a block near a chicane that left Ricciardo furious and saw Hamilton under investigation from race stewards.
However, Hamilton was cleared of any wrongdoing and continued to make Ricciardo's race difficult - as the Red Bull could not find any gaps to overtake on the tight Monte Carlo circuit.
As more laps ticked by, the drivers continued to drop out of the race - with incidents involving Renault's Kevin Magnussen and Toro Rosso's Daniil Kvyat, as well as a crash between the Sauber duo of Marcus Ericsson and Felipe Nasr.
As the dust settled from these incidents - Hamilton pulled away into the distance and managed to secure his second victory at the famed Monte Carlo circuit, with Ricciardo following 7.2 seconds behind.
Force India's Sergio Perez narrowly edged out Ferrari's Sebastian Vettel to secure his first podium of 2016 - while McLaren's Fernando Alonso followed behind in fifth.
Perez's Force India team-mate Nico Hulkenberg finished sixth, pipping Nico Rosberg by less than three-tenths of a second, while Carlos Sainz (Toro Rosso), Jenson Button (McLaren) and Felipe Massa (Williams) rounded out the top ten.