The 1992 Cheltenham Gold Cup was a horse race which took place at Cheltenham on Thursday 12 March 1992. It was the 65th running of the Cheltenham Gold Cup, and it was won by Cool Ground. The winner was ridden by Adrian Maguire and trained by Toby Balding. The pre-race favourite Carvill's Hill finished fifth. It was a controversial result, as some observers felt that the rank outsider Golden Freeze was ridden with the intention of unsettling Carvill's Hill by jumping alongside him at every fence.