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Prior to the election, the council was under no overall control, being led by a Conservative minority administration. Following the election, the council remained under no overall control, and the Conservatives remained the largest party. There were some weeks of negotiations after the election on who should form the next administration, with the Conservatives trying to form a coalition with Liberal Democrats. In the end, an agreement was reached between Labour and the Liberal Democrats to allow a minority Labour administration to take control of the council with informal support from the Liberal Democrats. The Conservative leader of the council, Derek Poole, was removed from office at a council meeting on 5 June 2024, being replaced by the Labour group leader, Michael Moran.
The Statement of Persons Nominated, which details the candidates standing in each ward, was released by Rugby Borough Council following the close of nominations on 5 April 2024. Sitting councillors standing for re-election are marked with an asterisk (*).