The team originated as a joint venture between Adrián Campos of Campos Racing and Enrique Rodríguez of Meta Image, a Madrid-based sports agency, operating under the name Campos Meta. Campos had a background in European F3 Open and GP2 as a team operator, and began exploring a Formula One entry in early 2009. The team recruited shareholders including Spanish businessman José Ramón Carabante and basketball players Pau Gasol and Jorge Garbajosa. On 12 June 2009, the FIA awarded Campos Meta one of three new entries granted for the 2010 season, alongside US F1 Team and Manor Grand Prix.
Italian constructor Dallara was engaged to build the team's 2010 car at its factory in Parma, using Cosworth engines. Bruno Senna, nephew of three-time world champion Ayrton Senna, was confirmed as one of the team's drivers for 2010.
By December 2009, Bernie Ecclestone had publicly voiced doubts about the team's ability to reach the grid. Financial difficulties intensified through January and February 2010. On 19 February 2010, majority shareholder Carabante took over full control from Campos, who departed along with his role as team principal. Colin Kolles was appointed team principal, and the team was renamed Hispania Racing F1 Team — HRT — after Grupo Hispania, one of Carabante's businesses. Karun Chandhok was confirmed as the second driver alongside Senna. The car, now called the F110, had been designed by Dallara.
The team arrived at the 2010 Bahrain Grand Prix having completed no pre-season testing. Senna and Chandhok completed installation laps during practice. Both started from the pit lane; Chandhok crashed out on the second lap and Senna retired with an overheating engine. At the Australian Grand Prix, Chandhok finished 14th and last — the car's first classified finish — five laps behind race winner Jenson Button. The team's car received no aerodynamic updates throughout the entire 2010 season, a consequence of the unresolved financial and ownership disputes between Campos and Dallara over chassis payment. Hispania finished last in the Constructors' Championship, behind Virgin Racing.
Hispania parted from Dallara in May 2010 and developed its own 2011 car in-house, the Hispania F111. Narain Karthikeyan and Vitantonio Liuzzi drove for the team. Daniel Ricciardo, a Red Bull junior driver, replaced Karthikeyan for several races mid-season and showed promising pace. In July 2011, Thesan Capital, a Madrid-based investment company, purchased a controlling stake from Carabante. Hispania finished 11th in the Constructors' Championship, ahead of Virgin Racing, marking a relative improvement.
For 2012, Pedro de la Rosa joined alongside Karthikeyan, and the team moved its operations to the Caja Mágica complex in Madrid. The team's new car, the F112, failed mandatory FIA crash tests ahead of Australia, preventing both drivers from participating in qualifying. In November 2012, Thesan Capital announced the team was for sale. No buyer was found before the 30 November deadline for submitting 2013 entry fees, and HRT was omitted from the 2013 entry list. The team subsequently entered liquidation, and its assets were sold to Teo Martín, who intended to race the cars in the EuroBOSS Series.
HRT's place in Formula One history rests on its distinction as the first Spanish constructor to enter the world championship, and on its role as one of three new teams admitted in 2010 — a cohort that also demonstrated the structural challenges facing underfunded entrants in the modern regulatory and commercial environment. The team never scored a point across three seasons and 78 race starts.