The 1992 Royal Rumble was the fifth annual Royal Rumble professional wrestling pay-per-view (PPV) event produced by the World Wrestling Federation (WWF, now WWE). It took place on January 19, 1992, at the Knickerbocker Arena in Albany, New York. It centered on the Royal Rumble match, a modified battle royal in which participants enter at timed intervals instead of all beginning in the ring at the same time.

Six matches were contested at the event, including one dark match. The main event was the 1992 Royal Rumble match. This Royal Rumble match was notable as for the first time, the winner would win the WWF World Heavyweight Championship, which had been vacated in December 1991. Ric Flair would start at number 3, Sid Justice would enter at number 29 while The Undertaker and Hulk Hogan would enter at numbers 20 and 26 respectively. In other featured matches on the undercard, The Natural Disasters (Earthquake and Typhoon) had a WWF Tag Team Championship match against current champions The Legion of Doom (Hawk and Animal), The Beverly Brothers (Blake Beverly and Beau Beverly) took on in a tag team match The Bushwhackers (Bushwhacker Luke and Bushwhacker Butch), and Roddy Piper took on current WWF Intercontinental Heavyweight Champion The Mountie with the title on the line.

The event comprised five matches, including the Royal Rumble match. The Royal Rumble match helped begin Justice's slow-building turn into a villain. Justice – who was returning from a recent injury – entered at No. 29 and was among the final four wrestlers, along with Hogan, Randy Savage, although he jumped outside the ring to hit Jake the Snake Roberts and Flair. Justice eliminated Savage and then Hogan, leaving himself and Flair in the ring. During the initial live pay-per-view broadcast, Justice's elimination of Hogan was loudly cheered by the audience in attendance even though, as per storyline plans, Sid "sneaked up from behind" to throw Hogan out. As such, the original reaction was edited out of future television replays of the event, with play-by-play announcer Gorilla Monsoon adding new comments condemning Sid for his actions (Monsoon had originally said Justice's elimination of Hogan was fair). Hogan, who was still at ringside after being eliminated, grabbed Sid's arm and distracted him long enough for Flair to eliminate him to win the match and become the new WWF World Heavyweight Champion. After the match, Sid and Hogan got into an argument in the ring and had to be separated by security.

In his book, To Be The Man, Ric Flair mentions not knowing he was going to be winning the Royal Rumble (WWF Title) until arriving at the arena the day of the event, and also felt he was brought in at number three in order to showcase his skills and endurance to the WWF audience, who may not have watched his work in Jim Crockett Promotions and World Championship Wrestling. Bobby Heenan mentioned in his autobiography, Bobby The Brain, that it was his initial suggestion that Flair enter the Rumble at number one for dramatic purposes, and that Vince McMahon changed it to number three and claimed it as his own idea.

The Rumble match is often considered the greatest Rumble in history.^[5][6][7] In particular, the commentary by Heenan was particularly praised, with some calling it "one of the greatest color commentary performances in pay-per-view history".^[8]

The confrontation between Hogan and Justice was played out over a series of future WWF television programs. On the Superstars program aired January 25, 1992, WWF President Jack Tunney held a press conference, where he announced that Hogan would face Flair for the WWF World Heavyweight Championship at WrestleMania VIII. Justice, who was also in attendance and began standing up as if Tunney were about to proclaim him the top contender, was outraged and termed the announcement "the most bogus act Jack Tunney has ever pulled off." Sid later apologized and Hogan accepted, but on the February 8 Saturday Night's Main Event XXX, Justice abandoned Hogan during a tag-team match against Flair and The Undertaker, completing his heel turn and leading to a match at WrestleMania VIII.

Flair, meanwhile, began feuding with Savage over the WWF World Heavyweight Championship. According to the storyline, Flair claimed that he had a previous relationship with Savage's wife, Miss Elizabeth, going as far as presenting pictures of Elizabeth in which Flair had himself superimposed. This culminated in a title match at WrestleMania VIII; Savage won the match and his second (and final) WWF World Heavyweight Championship.^[9][10][11]

This was the first Royal Rumble in which stakes were involved for the winner—the stipulation in which the winner would face the WWF/WWE World Heavyweight Champion at WrestleMania first took place at the following year's event. It would be 24 years before the Royal Rumble was again for the WWE World Heavyweight Championship.^[12]