The series was founded to address a gap in Asian motorsport infrastructure. Unlike Europe, where a well-established career ladder existed for aspiring single-seater drivers, Asia lacked a comparable structure. The championship's organisers aimed to demonstrate the viability of Formula Three competition to sponsors in the region, taking advantage of growing economies and increasing motorsport interest across South East Asia.
The Asian Formula Three Corporation managed the series from offices in Manila, with shareholders comprising the participating teams, including Speedtech Asia, Joson F3 Racing, Team Goddard, Ghiasports, TOM's Asia in collaboration with Three Bond Racing, and Kinectic Racing. Entry fees were set at $2,000 per season for shareholder teams. Typical team operating budgets ran to approximately £80,000, which made the series financially accessible compared to the established European Formula Three championships and attracted several European drivers who lacked the budget to compete on the continent.
The Asian F3 Championship subscribed to FIA Formula Three technical regulations with modifications designed to minimise costs. Rather than the open chassis formula used in most F3 series, Asian F3 restricted entries to specific Dallara chassis according to their age. In the 2006 season, International Class competitors used the Dallara F304 and F301, while the lower Promotions Class used the older F398, each fitting within Dallara's three-year update cycle. A single engine supplier, TOM's-Toyota, was mandated, with Yokohama and later Dunlop supplying tyres.
The series ran two classes: an International Class for the main championship and a Promotions Class aimed at younger, less experienced drivers on older machinery. Events followed a four-day schedule with three races, six practice sessions, and a single qualifying session.
The championship visited circuits across South East Asia and beyond. Regular venues included Sentul in Indonesia, Zhuhai and Goldenport Park in China, Autopolis in Japan, and Subic and Batangas in the Philippines. In 2007, the series appeared at Albert Park in Melbourne as a support race for the Australian Grand Prix. The prize for the drivers' championship included a fully sponsored entry to the end-of-season Macau Grand Prix, and from the 2007/08 season, a Formula One test with the Force India team.
The most prominent graduate was Christian Jones, the 2004 champion and son of 1980 Formula One World Champion Alan Jones. James Winslow won the 2006 title and received international attention after rescuing a rival driver trapped in an upturned car at Sentul in Indonesia, earning a Gregor Grant Award at the Autosport Awards and a Bronze Award from the Royal Humane Society. Indonesian driver Ananda Mikola, who went on to compete in A1GP, also came through the championship. Belgian driver Frederic Vervisch won the final 2007/08 Pacific Series title.
After the 2007 season, the championship restructured as the AF3 Pacific Series, operating on a winter calendar from November 2007 to May 2008. The final edition was damaged by a controversy involving Bahraini driver Hamad Al Fardan, who alleged championship leaders were using illegal fuel. Subsequent investigation undermined trust in the series' administration. The 2009 season failed to materialise due to insufficient team and driver entries, with the dominant Team Goddard relocating to the Australian Formula 3 series. The Asian Formula Three Championship did not return.