The chestnut colt Vain was sired by the leading sire Wilkes (FR), and his dam, Elated, was by the good sire Orgoglio (GB), who sired 21 stakes winners that had 37 stakes wins. Elated was a good racemare that won 10 races, including eight in Melbourne. Although she produced several foals, Vain was her only stakes winner. Vain was bred and raced by Melbourne brothers Walter, Fred, and George Johnson and was trained by Jim Moloney in the Melbourne suburb of Mordialloc. His regular jockey was Pat Hyland, who rode him to all his wins. As a two and three-year-old, Vain made 14 starts, winning 12, and finishing second on the two occasions he missed out on victory.

As a two-year-old, Vain was undefeated in Melbourne in the spring of 1968 and autumn of 1969, winning races such as the VRC Sires Produce. Moving to Sydney, he won the STC Golden Slipper Stakes by four lengths and the AJC Champagne Stakes by 10 lengths - the latter in the fastest time ever recorded for a two-year-old over 1200m. Some of his victories were so overwhelming that they almost defy comprehension. During the 1969 Champagne Stakes held at Randwick, Vain achieved a remarkable victory by securing a 12-length advantage over a relatively short distance of 1600m. Moreover, over the course of four days during the 1969 Spring Carnival, Vain demonstrated exceptional prowess by commencing with a triumph in the 1400m Patinack Farm Stakes, where he secured another impressive 12-length advantage. In an attempt to control the horse's pace, professional jockey Pat Hyland managed to secure a significant four-length victory for Vain in the subsequent race.

In the realm of thoroughbred racing, a subject of frequent debate among aficionados is the relative prowess of two exceptional sprinters: Vain and Black Caviar. While direct comparisons across different eras can be challenging, enthusiasts engage in lively discussions regarding their respective merits and contributions to the sport. People often asked Hyland, which of the two horses he felt were better. During the early stages of Black Caviar's career, when she had achieved seven consecutive victories, Hyland astutely observed that Black Caviar shared a close genetic connection to Vain through both her paternal and maternal lineages. In addition, Hyland observed a shared characteristic between the two horses - their swiftness in leaving their competitors behind. Furthermore, both horses demonstrated the remarkable ability to elevate their performance when facing challengers coming from behind.

As a three-year-old, Vain won the VATC Caulfield Guineas by three lengths, then campaigned in the VRC Spring Carnival, winning over eight days the Craven 'A' Stakes by 12 lengths and the VRC Linlithgow Stakes by six lengths. In his final race, he carried a record 10 lb over weight-for-age in winning the 1969 George Adams Handicap. Vain set Australian prize money records as a two-year-old and three-year-old. His only defeat as a three-year-old was against the champion New Zealand colt Daryl's Joy, who also won the W S Cox Plate and Victoria Derby and who later raced successfully in the United States as a stayer including winning at group one level.

Vain was retired to stud at the end of his three-year-old season in 1970 when he was injured in a track gallop. He was placed at Widden Stud in the Hunter Valley, where he sired 370 winners, among them winning almost 1800 races. Vain sired two Golden Slipper winners and was a leading sire in Australia. He is also the great-great grand-sire of Black Caviar on the dam side (as the sire of Song of Norway-1982, the great grand-sire of Black Caviar) and the great grand-sire of Black Caviar on the sire side (as the sire of Bespoken-1990, the grand-sire of Black Caviar).

Vain sired 44 stakes winners that had 96 stakes wins, including: Inspired (won Golden Slipper Stakes), Kenmark (won Caulfield Guineas), Mistress Anne (Oakleigh Plate and AJC The Galaxy), Rainbeam (STC Silver Slipper Stakes) Sir Dapper (Golden Slipper Stakes)

Vain died on 25 December 1991. He was the Australian Champion Racehorse of the Year in 1969–70 and was inducted into the Australian Racing Hall of Fame. Vain was once described as a racing "gift from Heaven."

RACE RECORD - 14: 12–2–0

EARNINGS - A$148,485

Maribyrnong Plate (1968)

VRC Sires Produce Stakes (1969)

Golden Slipper Stakes (1969)

Champagne Stakes (1969)

Freeway Stakes (1969)

Ascot Vale Stakes (1969)

Caulfield Guineas (1969)

Craven 'A' Stakes (1969)

Linlithgow Stakes (1969)

George Adams Handicap (1969)

The wonder colts super slick win in the 1969 Golden Slipper was a sight to behold