Formula One originated from the World Manufacturers' Championship (1925–1930) and the European Drivers' Championship (1931–1939). While a new International Formula was agreed upon in 1946, the suspension of racing during World War II delayed the formalization of the championship until 1950. Giuseppe Farina, driving for Alfa Romeo, won the first Drivers' World Championship.
Juan Manuel Fangio dominated the early years, winning titles in 1951, 1954, 1955, 1956, and 1957. Fangio's record for the most World Championships won by a single driver stood for 46 years until Michael Schumacher won his sixth title in 2003. Fangio still holds the record for the highest winning percentage, having won 24 of the 52 races he entered. In 1958, a Constructors' Championship was added to the series.
The series has seen several major technological shifts. Following Bugatti's introduction of mid-engined cars, Jack Brabham proved the configuration's superiority during his championship years in 1959, 1960, and 1966. By 1961, all teams had transitioned to mid-engined designs. In 1962, Lotus introduced an aluminium-sheet monocoque chassis to replace the traditional space-frame design. This is regarded as the greatest technological breakthrough since the move to mid-engines.
Aerodynamics and sponsorship became prominent in 1968. Team Gunston introduced cigarette sponsorship at the South African Grand Prix, followed by the Lotus works team at the Spanish Grand Prix. That same year, Colin Chapman of Lotus introduced aerofoils to increase downforce. By the late 1970s, Lotus pioneered ground-effect aerodynamics, which significantly increased cornering speeds by using low air pressure under the car to press it to the track.
Beginning in the 1970s, Bernie Ecclestone transformed the series into a multi-billion dollar business by consolidating commercial rights. As president of the Formula One Constructors' Association (FOCA), Ecclestone negotiated with circuit owners as a collective "pack." This period was marked by the FISA–FOCA war, a conflict over technical regulations and television revenues between FOCA and the FIA's sporting arm, FISA. The dispute was resolved by the 1981 Concorde Agreement, which guaranteed technical stability by requiring that teams be given reasonable notice regarding new regulations.
In 2017, the Liberty Media Corporation acquired Formula One for an estimated $8 billion. Under this ownership, the calendar expanded to include new Grands Prix in Miami, Las Vegas, Saudi Arabia, Qatar, and the Netherlands.
The 1980s and early 1990s saw the rise of electronic driver aids, such as active suspension and traction control, many of which were banned in 1994 to emphasize driver skill. That year was also marked by the deaths of Ayrton Senna and Roland Ratzenberger at the San Marino Grand Prix. These tragedies led the FIA to implement significant safety changes, including the "narrow track" era in 1998 and the eventual introduction of the Virtual Safety Car (VSC) following Jules Bianchi’s fatal accident in 2014.
In 2014, Formula One transitioned from 2.4-litre naturally aspirated V8 engines to 1.6-litre turbocharged hybrid power units. Mercedes dominated this era, with Lewis Hamilton and Nico Rosberg winning the majority of races between 2014 and 2016. Hamilton eventually equaled Michael Schumacher's record of seven World Championships.
To promote closer racing, the FIA introduced a major overhaul of technical regulations in 2022. These changes included a return to ground-effect downforce, redesigned wings, and larger 18-inch wheels with low-profile tyres. These modifications were intended to reduce "dirty air" turbulence, allowing cars to follow one another more closely.
The sport also implemented a cost cap to support equal competition, which stood at $135 million for the 2023–2025 period. While the cap excludes certain costs like driver salaries, it has been credited with helping teams like McLaren improve their performance significantly. Looking ahead, the grid is set to expand, with Cadillac receiving approval to join as an 11th team starting in 2026.