Dallara began development and design of the GP2/11 chassis in late 2009, with construction of the first unit starting in July 2010 and completion on 9 September 2010. The chassis was based on the 2009 Formula One aerodynamic regulations, adopting a narrower and higher rear wing, a wider front wing, and the removal of winglets to bring the car into line with contemporary F1 visual and aerodynamic philosophy.
The GP2/11 was originally scheduled to serve a standard three-year cycle ending in 2013, but series organisers extended its life for a second three-year block through 2016 as a cost-control measure. Further delays in introducing a successor pushed the car into the inaugural 2017 FIA Formula 2 Championship before it was finally retired at the end of that season's Abu Dhabi rounds.
The GP2/11 adopted 2009 F1-influenced aerodynamic principles, with the wider front wing and simplified rear wing marking a clear visual departure from the GP2/08. However, the new aerodynamic package was criticised for making overtaking more difficult than the car it replaced, a recurring complaint throughout the chassis's competitive life. In response, the Drag Reduction System (DRS) was introduced to the GP2 Series for the 2015 season to facilitate passing.
Another notable characteristic of the GP2/11 was that experienced drivers with prior seasons in the category tended to have a pronounced advantage over rookies, a trait that drew criticism for potentially stifling the development of drivers arriving fresh to the series.
The GP2/11 retained the 4.0-litre naturally aspirated V8 engine supplied by Mecachrome, the same unit that had powered its predecessor. The exhaust systems were modified, merging the two exits together at the rear to alter the exhaust note and packaging.
Pirelli replaced Bridgestone as the official tyre partner and supplier of the GP2 Asia Series, the GP2 Series, and later the FIA Formula 2 Championship from 2011 onward. Tyre dimensions followed the 13-inch wheel rim specification also used in Formula One during that era.
The GP2/11 era saw a wide variety of champions across its seven-season span. However, its reputation for favouring experienced campaigners was starkly illustrated by the drivers' title records: only once between 2011 and 2017 did a rookie claim the championship, that being Charles Leclerc in the 2017 FIA Formula 2 Championship. No rookie won the title during the six seasons from 2011 to 2016.
Despite this bias, the chassis was the proving ground for drivers who went on to Formula One careers. The combination of the GP2/11's technical demands and the multi-year extension of its use made it a familiar and demanding standard at the gateway to the sport's premier class.
After the conclusion of the 2017 Abu Dhabi rounds and the post-season test, the GP2/11 was permanently retired from top-level Formula 2 competition, replaced by the Dallara F2 2018 for the 2018 season. However, the chassis did not disappear from racing entirely: it continued to see regular competition in the BOSS GP and MAXX Formula championships, where it raced alongside its GP2 predecessors and the newer F2 2018.