Raikkonen managed to get onto terms with Hamilton but without seriously being able to challenge for the lead, allowing Hamilton to clinch his third victory in Budapest – putting him level with Ayrton Senna in terms of wins in Hungary and just one behind the record currently held by Michael Schumacher.
Raikkonen had to settle for his third podium in the past four races and has now dropped a place in the overall standings behind Hamilton as a result, while Grosjean rounded out the podium to give Lotus a 33 point haul – enough to move it ahead of Ferrari into third in the constructors' championship.
Grosjean was left to be glad that the race ended when it did, as Vettel was closing in rapidly at the finish having gambled on making a third pit-stop for fresh soft tyres in an attempt to secure a spot on the podium.
Like the Lotus drivers, Vettel had run soft tyres through the first and second stints before swapping to the medium rubber but he we was unable to make the strategy work in the same way as Raikkonen or Grosjean, which led to his late gamble that fresh softs would allow him to overhaul his French rival.
Although lapping noticeably quicker at the finish, Vettel simply ran out of laps as he took the flag a second away from the podium.
Points leader Alonso produced a perfect race of damage limitation in a race where he expected to struggle for outright pace to secure fifth, which also allowed him to extend his championship advantage over Mark Webber's Red Bull.
Alonso ran in the top six throughout but looked like losing some of his lead to the Australian, who had jumped from eleventh to seventh on lap one and then got ahead of Alonso in the pits. A third stop late on failed to work however and saw Webber drop down to eighth – allowing Alonso to extend his points lead up to 40 points, with Vettel two further back.
Three stops also failed to work for Jenson Button, who ran third for the opening half of the race but then found himself bottled up behind the Williams of Bruno Senna after making his second stop. Although he was able to get ahead of the Brazilian when both stopped for the final time, Button found himself half a minute down on his team-mate in sixth spot at the chequered flag.
Senna and Webber behind were followed by Felipe Massa in the second Ferrari while Nico Rosberg salvaged a point for Mercedes from a wretched weekend with tenth spot.
There was disappointment for Force India as Nico Hulkenberg and Paul di Resta finished outside the points in eleventh and twelfth, with Pastor Maldonado losing out on a potential score when given a drive-through penalty for contact with di Resta while battling for position on track.