Lukas began training quarter horses in California in 1968 and after ten years of considerable achievement that saw him train 23 world champions, he switched to training thoroughbred race horses where he has become one of the most successful in history. The first trainer to earn more than $100 million in purse money, he has been the year's top money winner 14 times.

In 1995 Lukas trained horses Thunder Gulch (Kentucky Derby, Preakness Stakes) and Timber Country (Preakness) winning the three Triple Crown races, making him the first trainer to sweep the Triple Crown with two different horses in a season, which to the former basketball coach was akin to winning a state championship with two different sets of starting players. In 1999, he was inducted into the National Museum of Racing and Hall of Fame.