This is where the contestant has to play golf to win a car and a potential cash bonus by placing 6 products from least to most expensive.
- The game revolves around putting on a miniature golf-style hole which consists of a long straightaway ending in a circular area contained by a short rail. The hole is in the center of this area, and is larger than a standard golf hole. The straightaway has six evenly spaced lines, the last of which is where the straightaway meets the circular area. The lines represent the possible distances from which the contestant will have to putt for the car.
- Six grocery items are used to determine the line from which line the contestant will putt. The contestant is asked to order the items from least to most expensive, with flags representing the items being placed in the given order at each line on the straightaway, starting with the one farthest from the hole. The prices are then revealed in the order the flags were placed. As long as each item is higher-priced than the previous item, the contestant moves up to that line. Otherwise, the contestant does not advance and the remaining flags are removed. If the contestant orders the grocery items perfectly, he/she receives a cash bonus of $500.
- The contestant then has two attempts to sink a putt from the line he/she earned to win the car; before this begins the host asks for silence from the in-studio audience so the contestant can putt correctly, as is the case for miniature golf tournaments. As in miniature golf, a putt counts if it is sunk after bouncing off the rail.
- Originally, this game was called "Hole in One" and the contestant was given only one attempt to make the putt. Because of the difficulty level associated with winning the game, expensive cars were usually offered.
- Originally, a drumroll sounded when the contestant was about to make the putt, but was removed on December 21, 1977 (#2571D).
- Originally, the $500 sign was a white oval with "$500" written in red. On December 21, 1977 (#2613D), it became a yellow flower with "$500" in white, which was changed to blue and purple on November 4, 1980 (#3852D). On September 24, 1981 (#4194D), it was again replaced with a flag; originally, it was a dark gold with "$500" written in white, which was changed rather quickly to a lighter shade of gold with silver edges with "$500" in black, before becoming a solid gold on December 10, 1986.
- During 1986 primetime specials, the current format of two putts was introduced. It was instituted permanently on the daytime show on October 10, 1986 (#6303D). During the 1986 specials only, the $500 bonus was doubled to $1,000 (this rule change was instituted into the $1,000,000 Spectacular specials). The game's name was changed to "Hole in One or Two" on April 21, 1987 #6472D), which initially placed a stake saying "or Two" next to the Hole in One sign, before adopting its current sign on November 30, 1987 (#6671D), with a golf ball reading "One" in which Bob presses a button to flip the golf ball to the other side to say "or Two" if the contestant misses the first putt.
- The name "Hole in One or Two" is only used on the show if the contestant misses the first putt.
- One of the game's best-known features is host Bob Barker's "inspiration putt," in which he attempted a putt from the furthest line in an attempt to inspire the contestant. At various times, the putt has also been done by the announcer, contestant, models, stars of other shows taped at CBS Television City or members of the production staff. One of the most famous "inspirational putts" was by model Janice Pennington, from December 2, 1991. The putt looked as if it was going to miss, but then it suddenly curved into the hole, completely baffling Bob, and everybody else. It was later determined that a hole in the ball caused it to turn. Drew Carey has continued the tradition of the inspiration putt, though he admittedly is not a golfer. In fact, if Carey misses, he "taps" the golf ball in the hole with his foot, but that putt does not count. Some versions of Hole-in-One-or-Two have their hosts doing inspiration putts, too, in particular, Marco Antonio Regil, Bruce Forsyth, Ian Turpie, and Larry Emdur. On Joe Pasquale's UK version, "Raynard," his assitant, did the putt, which was more like an "inspiration drive," where he whacked the ball offstage, accompanied by a sound effect of breaking glass.
- On 1994's syndicated The New Price is Right, Hole in One used small prizes instead of groceries during the pricing segment. The prices were also revealed immediately after the contestant chose each item, rather than revealing them all at the end. And there was no $500 flag although that bonus cash prize was still offered.
- Barker often mentioned that this was his favorite game if he made his inspiration putt and his least favorite game if he didn't.
- On one episode during the one-putt rule, from April 17, 1981 (#4085D), a contestant named Dolores put all six grocery items in order, won the $500 and putted from the sixth line, but did not hit the ball hard enough and lost the car. This happened twice in the two-putt era, once in a Doug Davidson episode and the other in a Barker episode, but in both cases, the contestants won with their second putts. In one episode in the Mexican version of the show, a contestant missed both of her putts from the closest line and Marco blew the ball into the hole. The closest line the contestant missed both putts was on January 6, 1994 (#9024D), in which a contestant missed both putts from the second-closest line.
- In 1998, the Game Show Network aired a commercial for a fictional VHS tape called Golf Bob's Way showing clips of Hole in One.
- On February 2, 2007 (#3865K), a USA Deal or No Deal former producer Josh Silberman put all six grocery items in order, won $500 and putted from the sixth line, but did not hit the ball hard enough, and win the car.
- On April 28, 2009 (#4732K), professional golfer Natalie Gulbis did the inspiration putt.
- On April 21, 2010 (#5133K), Hole in One was played for a restored 1964 Bentley S3 Continental worth $34,990 and was won on the second try.
- On October 21, 2013 (#6461K, aired out of order on October 7), the split-screen camera shot has been changed to a single-screen camera shot side-view of the putting green.
- On November 22, 2013 (#6505K, aired out of order on November 19), during Dream Car Week, a BMW 640i Convertible worth $87,516 was offered and won, to include a cash bonus of $500 as well.
- On May 10, 2016, the game was featured on Let's Make a Deal as part of a mash-up between both shows (The May 10, 2016 (7532K) of Price featured Go for a spin from LMAD.).
- On October 26, 2016 (#7663K), during Big Money Week, the game was played for a top cash prize of $100,000 instead of a car. The contestant had two chances to sink the putt with a windmill in the way. Or, they could have it removed and instead play for $20,000. The contestant chose to play for the $100,000; sadly, he had to put from the far line, and lost. (Ironically, despite the fact that he usually comments that he is a poor golfer during this game, Drew Carey made a perfect putt on his inspirational putt from the back line.)
- On December 30, 2016 (#7745K), as a part of Best of 2016, the game was played for a cash prize of $100,000 instead of a car. Once again, the contestant had two chances to sink the putt with a windmill in the way. Or, they could have it removed and instead play for $20,000. The contestant chose to play for the $100,000; she put from the third line, and won.
- The game has not been played since May 10, 2017 (#7933K).
- The most number of times this game was played in any season was 42.
Hole in One for $100,000
Janice's Outrageous Putt (December 2, 1991, #8211D)
Ella's Awesome 2nd Putt
Hole in One for a 1964 Bentley (April 21, 2010, #5133K)
A Dream Car Win from Hole in One (November 22, 2013, #6505K, aired out of order on November 19)
Perfect Putt! (March 27, 2015, #7065K)
$100,000 Prize Putt! (December 30, 2016, #7745K)