2000: two-year-old season

Black Minnaloushe began his racing career in a six furlong maiden race at Cork Racecourse on 7 August 2000. Starting the 4/6 favourite against five opponents, he took the lead just inside the final furlong and drew away in the closing stages to win by four lengths from the Dermot Weld-trained La Stellina.^[8] In September the colt was moved up in class and started favourite for the Listed Blenheim Stakes at the Curragh. He tracked the leaders before taking the lead a furlong and a half out and held off the late challenge of the British-trained Imperial Dancer to win by three quarters of a length.^[9]

2001: three-year-old season

Black Minnaloushe made his three-year-old debut in the Listed Loughbrown Stakes at the Curragh on 21 April. Before the race O'Brien said "He has done exceptionally well and is a big horse this year. He can be a bit headstrong early in his races, but that's because he has a lot of natural speed".^[10] He started odds-on favourite but was beaten two lengths into second place by Lethal Agenda. Colm O'Donoghue took over from Kinane when the colt contested the Tetrarch Stakes at the same track two weeks later. Black Minnaloushe started poorly and finished last of the five runners behind his stablemate Modigliani with another O'Brien trainee, Mozart in third. Six days later, accompanied by Modigliani and King's County, the colt was part of O'Brien's entry for the Poule d'Essai des Poulains at Longchamp Racecourse in Paris. Ridden by Jamie Spencer, he raced at the rear of the eleven runner field before making progress in the straight and finished sixth, five lengths behind Noverre. The winner was subsequently disqualified after failing a dope test and the race was awarded to Vahorimix. On 26 May, Black Minnaloushe, ridden by Johnny Murtagh, was one of four O'Brien colts to contest the Irish 2000 Guineas at the Curragh and started a 20/1 outsider in a twelve-runner field. The Middle Park Stakes winner Minardi (ridden by Kinane) started favourite ahead of the 2000 Guineas runner-up Tamburlaine and the British-trained Mugharreb whilst the other contenders included Mozart and the highly rated maiden winner Freud. Black Minnaloushe raced in mid-division as Mozart led from the start and opened up a clear advantage, and moved up into third place approaching the final furlong. He caught Mozart well inside the final furlong and went on to win by two lengths, with Minardi taking third to complete a 1-2-3 for Ballydoyle.^[11] After the race Murtagh commented "There was a bit of a mix-up during the week about what I was going to ride and thankfully Aidan put me on Black Minnaloushe. It just goes to show that you need a little bit of luck in this game. [Aidan O'Brien] says he's a horse with lots of ability and sometimes he doesn't always put his best foot forward. Today the race was run to suit him, there was a good strong pace all the way and when the leader started to tire in front of him he got great heart in picking him up".^[12]

Murtagh retained the ride^[13] when Black Minnaloushe was sent to England for the 156th running of the St James's Palace Stakes at Royal Ascot and started at odds of 8/1 in an eleven-runner field. Noverre started favourite ahead of Minardi, Dandoun (Heron Stakes) and Vahorimix, whilst the other runners were Olden Times (Prix Jean Prat), Tamburlaine, No Excuse Needed (Vintage Stakes), Keltos, the unbeaten Malhub and the Ballydoyle pacemaker Darwin. Murtagh tracked right at the start to settle Black Minnaloushe at the back of the field on the inside rail as Darwin set a strong pace. The colt moved into contention early in the straight before being switched to the left to make his challenge inside the final furlong. In a closely contested finish, he overtook Noverre in the final strides and won by a neck, with Olden Times a head away in third and Vahorimix a further half-length back in fourth.^[14] After the race Murtagh commented "When I switched him out, I knew he was going to win ... this was a top class race and a top class horse".^[15] He was also reported as saying "I picked him up in the Irish Guineas but everyone said that was a fluke. He's a very good horse, improving all the time".^[16]

Eighteen days after his win at Ascot, Black Minnaloushe was matched against older horses for the first time and stepped up in distance for the Eclipse Stakes over ten furlongs at Sandown. Ridden by Kinane, the colt started the 5/2 second favourite, but, after being restrained at the rear of the field, he never looked likely to win and finished fifth of the eight runners behind Medicean, Grandera, Bach and Tobougg. On 1 August, Black Minnaloushe was dropped back in distance and started 3/1 favourite for the Group One Sussex Stakes at Goodwood. After being held up in the early stages, he moved up to dispute the lead in the straight before finishing third behind Noverre and No Excuse Needed.^[17] Three weeks later Black Minnaloushe contested the International Stakes over ten furlongs at York Racecourse and finished fourth behind Sakhee, Grandera and Medicean.

On his final appearance, Black Minnaloushe was sent to the United States for the Breeders' Cup Classic over ten furlongs on dirt at Belmont Park on 27 October. He was ridden by Murtagh, with Kinane being assigned the ride on the O'Brien stable's main hope Galileo. Starting a 51/1 outsider, he was always towards the rear of the field and finished tenth of the thirteen runners behind Tiznow.^[18]