The 2008 L&H 500 was the ninth round of the 2008 V8 Supercar Championship Series. It was held on the weekend of the 12 to 14 September at Phillip Island Grand Prix Circuit in Victoria. It was the eighth Phillip Island 500 and the first to be staged since 1977. The L&H 500 saw the Phillip Island Grand Prix Circuit replace Sandown Raceway as the venue of the annual 500 kilometre two-driver V8 Supercar race. In an innovation for this round, two preliminary 14 lap races were held on Saturday with the two drivers of each car starting one race each. A single pitstop by each car in either race was mandated with the combined results of the two races determining the grid for the main 500 kilometre event.
Each driver of each car was awarded championship points equal to the total points scored by that car over the three races. However, as with the 2008 Clipsal 500, overall round position was determined by position in the final race of the weekend rather than by total points scored in the round.
