The team was created by Räikkönen and Robertson ahead of the 2005 British F3 International Series season. In its debut year the two Dallara F305 Mugen-Honda cars were driven by British driver Dan Clarke and Brazilian Bruno Senna. Clarke took the team's first race win at Castle Combe and finished fifth in the championship, while Senna collected three podium finishes and ended tenth.
For 2006, Räikkönen Robertson upgraded to the Dallara F306 chassis and switched to Mercedes HWA engines. Mike Conway replaced Clarke, joining Senna and Stephen Jelley. Senna opened the season with victories at Oulton Park and Donington Park and built an early championship lead, but a serious crash at Snetterton disrupted his campaign. Conway responded with a run of strong results and clinched the Drivers' Championship with a round to spare, with the team also winning thirteen of the twenty-two races staged that season. It was a remarkable achievement for a team in just its second year of competition.
During the 2006 season Räikkönen Robertson also competed at the prestigious Macau Grand Prix. Conway qualified seventh around the Circuito da Guia, and when the three cars ahead of him collided on the opening lap of the Grand Prix, he inherited the lead and held it to victory. His win made him the first British winner of the Macau Grand Prix since Darren Manning in 1999 and the first winner from the British F3 International Series since Takuma Sato in 2001.
In 2007, with Senna and Conway moving to GP2, the team retained Jelley and added Jonathan Kennard and Finnish driver Atte Mustonen, alongside a National Class entry. Mustonen secured a race win for the team in 2008. Through 2009 and 2010 the team ran drivers including Marcus Ericsson — who scored two wins and a second place in 2009 — Daisuke Nakajima, Carlos Huertas, and Felipe Nasr.
The team was rebranded Double R Racing as the connection to Räikkönen's personal involvement evolved. Under the Double R name, it continued competing in British Formula Three and related series for many subsequent seasons, fielding large driver rosters that included several nationalities. Notable drivers across later seasons included Enzo Bortoleto, Matheus Leist, Zane Goddard, and Carrie Schreiner. The team also competed in the Euroformula Open Championship and the F4 British Championship at various points.
In January 2020, Double R partnered with Argenti Motorsport for the F4 British Championship. The team last raced in the 2023 F4 British Championship, and from 2026 is scheduled to enter the Eurocup-3 series.
Double R Racing's most celebrated achievement remains Mike Conway's 2006 British F3 championship and Macau Grand Prix victory. The team's Räikkönen Robertson origins gave it an unusually high-profile foundation for a junior single-seater outfit, and it went on to serve as a development team for multiple drivers who progressed to GP2, Formula One, and other professional categories. Its longevity across nearly two decades of British junior motorsport reflects its sustained role as a pathway team at the domestic single-seater level.