There is no standard design for the checkered flag. Although it nearly always consists of alternating black and white squares or rectangles arranged in a chequerboard pattern, the number, size, and length-width proportions of the rectangles vary from one flag to another. Also, the checkered flag typically has a black rectangle at the corner of the flag closest to the top of the flagpole. In NASCAR, the checkered flag has also had the fuel sponsor’s logo (Sunoco, since 2004) emblazoned in the center of the flag.

In addition, NASCAR has a special version for Victory Lane that has the name and date of the race on it. That flag is used for the team in winner's photographs made after the race, and usually is hung on top of the race team's headquarters as a trophy to celebrate its win. This flag is available for sale at eflagsource and comes in one size the standard 30"x24". The material this flag is made of is Nylite Nylon.