The championship was recognised by the Fédération Internationale de l'Automobile (FIA) as the highest class of competition for open-wheel racing cars. Drivers and teams competed for the titles of World Drivers' Champion and World Constructors' Champion.
The season was originally due to start in March, but the start was postponed until July in response to the COVID-19 pandemic. Esteban Ocon returned to racing in Formula One after signing a contract with Renault, replacing Nico Hülkenberg. Nicholas Latifi, the 2019 Formula 2 Championship runner-up, replaced Robert Kubica at Williams.
Lewis Hamilton and Mercedes entered the season as the reigning World Drivers’ and World Constructors’ champions, respectively, after they both won their sixth championship in 2019. At the Emilia Romagna Grand Prix, Mercedes secured their seventh consecutive Constructors' Championship, breaking Ferrari's record from 1999 to 2004. Hamilton equalled Michael Schumacher's record of seven World Drivers' Championships at the Turkish Grand Prix and broke Schumacher's previous record of 91 career wins at the Portuguese Grand Prix.
The Austrian Grand Prix was won by Valtteri Bottas, ahead of Charles Leclerc and Lando Norris. The Styrian Grand Prix was won by Lewis Hamilton, ahead of Bottas and Max Verstappen. The Hungarian Grand Prix was won by Hamilton, with Verstappen in second and Bottas in third place. The British Grand Prix was won by Hamilton, with Verstappen second and Leclerc third. In the second race at Silverstone, the 70th Anniversary Grand Prix, Verstappen won with Hamilton second and Bottas third. The Spanish Grand Prix was won by Hamilton with Verstappen in second and Bottas in third.
The Belgian Grand Prix was won by Lewis Hamilton. The Italian Grand Prix was won by Pierre Gasly. The Tuscan Grand Prix resulted in Hamilton's sixth race win of the season. At the Russian Grand Prix, Bottas won the Grand Prix with Verstappen in second and Hamilton third. The Eifel Grand Prix was won by Hamilton. At the Portuguese Grand Prix, Hamilton took his 92nd win.
The Emilia Romagna Grand Prix saw Lewis Hamilton win. The Turkish Grand Prix saw Hamilton claim his seventh world title, finishing on the podium with Sergio Pérez and Sebastian Vettel. At the Bahrain Grand Prix, Hamilton claimed his 11th win of the year, followed by Verstappen and Alexander Albon in second and third. In the Sakhir Grand Prix, Sergio Pérez took his first race victory, followed by Esteban Ocon taking his first podium finish in 2nd and Lance Stroll finishing 3rd. At the Abu Dhabi Grand Prix, Verstappen took the pole position and his 10th win in Formula One ahead of Bottas and Hamilton.
The season was significantly impacted by the COVID-19 pandemic. The first eight rounds of the championship were run behind closed doors, with the rest of the races being run at a reduced capacity or also behind closed doors due to the second wave of the pandemic. The season started with two races in Austria, and later on in the season there were also two races at Silverstone Circuit along with two races at Bahrain International Circuit.
After purchasing the commercial rights to the sport from CVC Capital Partners in January 2017, Liberty Media announced plans to expand the Formula One calendar. The Vietnamese Grand Prix was announced as a new race but was later cancelled. The Dutch Grand Prix was due to be revived but was also later cancelled. Ferrari finished outside of the top five in the Constructors' standings for the first time since 1980. Sebastian Vettel endured a difficult season, finishing thirteenth in the standings with only 33 points and one podium finish.