Liselotte Neumann, 22, of Finspang, Sweden, led or shared the lead after every round and won the championship by three strokes over Patty Sheehan at Baltimore (Maryland) Country Club. Neumann's total of 67-72-69-69—277 seven under par, is the lowest score recorded in the championship, breaking the record held by Pat Bradley, who shot 279 in 1981.

Colleen Walker and Dottie Mochrie tied for third at one-under-par 273, six strokes behind Neumann. Neumann's first-round 67 gave her a two-stroke lead over JoAnne Carner and Sally Quinlan. Six players—Sheehan, Mochrie, Walker, Amy Benz, Vicki Fergon and Shirley Furlong—shot one-under-par 70. Juli Inkster's 68, three-under-par earned her a share of the lead after the second round. Her 36-hole total of three-under-par 13, equalled that of Neumann, who shot 72, and Mochrie, who shot 69.

Fergon and Tammie Green trailed by two at 141. Carner, Sheehan, Benz and Donna White stood at even-par 142. Sixty-seven golfers made the 36-hole cut at eight-over-par 150. Only two amateurs survived, tying the record for the fewest amateurs to make the cut. With a third-round 69, Neumann regained sole possession of the lead after 54 holes. Her total of 208 was two strokes ahead of Sheehan whose 68 left her at three-under-par 210.

Walker and Green were four strokes behind Neumann at 212 after rounds of 68 and 71, respectively. Benz stood at even-par 213. When Sheehan birdied the seventh hole of the final round and Neumann double-bogeyed, Sheehan held the lead by herself, one stroke ahead of Neumann and Walker. After parring the eighth and ninth, Neumann birdied the 10th, 11th, 12th, 15th and 17th and won the championship going away.

Sheehan was not able to match Neumann's pace and finished three strokes behind. Carol Semple Thompson, the 1973 Women's Amateur Champion shot 79-71-70-72—292 to earn low amateur honors, breaking the scoring record set by Catherine Lacoste when she won the championship in 1967. The USGA accepted 736 entries for the championship.