The series was created to address the relative lack of junior motorsport infrastructure in Asia compared to Europe, where drivers benefit from a well-established career ladder from karts to Formula One. Positioned between Formula BMW Asia below it and Formula Renault V6 above, the Asian F3 Championship aimed to demonstrate the viability of Formula Three to Asian sponsors, in line with the region's growing economy. The corporation's shareholders comprised the participating teams, who paid an entry fee of $2,000 per season.
A distinctive feature of the championship was its cost-containment philosophy. Rather than the open-formula approach typical of most Formula Three championships, Asian F3 restricted competitors to a single engine supplier — TOM's-Toyota — and prohibited the use of the latest chassis specifications based on age. Tires were initially supplied by Yokohama, later switching to Dunlop. A typical team operating budget ran to approximately £80,000, which was considerably lower than equivalent European programs, making it attractive to both Asian and budget-conscious European drivers.
Each event followed a four-day schedule comprising free practice, qualifying, and three races. Each race ran for at least 20 minutes over a minimum distance of 40 km. The championship visited circuits throughout Southeast Asia, including Sentul in Indonesia, Zhuhai and Goldenport Park in China, Subic and Batangas in the Philippines, and Autopolis in Japan. In 2007 the series appeared as a support race at Albert Park in Melbourne during the Australian Grand Prix weekend.
The championship operated two classes: an International Class for more recent chassis and a Promotions Class for older specifications, aimed at younger and less experienced drivers. Drivers competed on cars from different years of Dallara's update cycle — in the 2006 season, International Class runners used the Dallara F304 and F301, while Promotions Class competitors used the F398.
The 2004 champion was Australian Christian Jones, son of 1980 Formula One World Champion Alan Jones. Jones won aboard a car run by Christian Jones Motorsports. The 2006 champion, Britain's James Winslow, earned wider recognition that year when he rescued a rival driver trapped inside an overturned car at Sentul, Indonesia. Winslow received a Gregor Grant Award at the Autosport Awards and a Bronze Award from the Royal Humane Society for the act.
Notable graduates included Indonesian A1GP driver Ananda Mikola. The 2007–08 champion was Belgian driver Frédéric Vervisch, who competed for Team Goddard. Other drivers who appeared in the series included Oliver Turvey, Matthew Howson, and Rafael Suzuki.
A significant controversy emerged during the 2007–08 season when Bahraini driver Hamad Al Fardan alleged that championship leader Frédéric Vervisch and Team Goddard were using illegal fuel. The complaint was later found to be entirely unfounded. Complicating matters further, it was revealed that Team Goddard principal Mark Goddard — who was also the series organizer — had been competing under the pseudonym "Don Tacos." The reputational damage from these incidents contributed to a sharp drop in entries over the final rounds of the season.
The 2007–08 Pacific Series proved to be the last active season. Entry counts fell significantly between the opening round, which had 12 cars, and the final round, which drew only seven. The planned 2009 season never materialized as teams and drivers withdrew. Team Goddard, which had dominated the latter years of the championship, relocated its operations to the Australian Formula 3 series for 2009. The Asian Formula Three Corporation ceased competitive activity shortly after, ending a series that had run for the better part of a decade.
The Asian F3 Championship represented an important early attempt to formalize a junior single-seater ladder in Southeast Asia. Its cost-containment model — single engine supplier, age-restricted chassis, a sub-£100,000 team budget — made Formula Three accessible to drivers and teams without the resources required for European programs. The series gave experience to a number of drivers who went on to compete in higher categories, and its existence helped establish circuits in the Philippines, Indonesia, and China as viable venues for international single-seater racing.