The 2012 Melbourne Cup over 3200 metres at Flemington included two former winners. The 2011 champion Dunaden came in off a win in the Caulfield Cup, and the 2010 winner Americain was back for Alain de Royer-Dupre. Red Cadeaux, beaten a nose by Dunaden a year earlier, returned for Ed Dunlop.
The field drew horses trained in France, Britain, Ireland, the United States, New Zealand and Germany. The Lloyd Williams stable was represented by Green Moon and Mourayan, Gai Waterhouse ran Fiorente and Glencadam Gold, and the local hopes included the Australian Derby winner Ethiopia.
