F1 2020's defining new feature was My Team mode, which allowed players to create, own and manage an eleventh Formula One team. Starting from scratch, players selected an engine supplier, signed a second driver, designed a livery and secured sponsorship before developing the car and facilities across successive seasons. A driver rating system was introduced, scoring each driver out of 99 across four attributes — experience, racecraft, awareness and pace — derived from real-world performance data and applied to both Formula One and Formula 2 competitors.
The game featured the 2020 championship calendar as originally planned before the COVID-19 pandemic caused the cancellation and postponement of multiple rounds. The Circuit Zandvoort and the Hanoi Circuit, both new to the calendar in 2020, were included despite the cancellation of the Dutch and Vietnamese Grands Prix. The eight additional races held due to the reshuffled 2020 season — including rounds at the Nurburgring, Imola, Portimao, Istanbul Park and Mugello — were not featured. As the Vietnamese Grand Prix has not subsequently been held, the Hanoi Circuit's appearance in F1 2020 remains its only official representation in any racing game.
Career mode offered players the choice of a half, full or abbreviated Formula 2 season, though without the rival storyline from F1 2019. Season length in Formula One could be set to ten, sixteen or twenty-two races, with an option to build a custom calendar. Split-screen multiplayer, absent since F1 2014, was reintroduced. A virtual rear-view mirror was added for cockpit camera users. A Podium Pass system introduced cosmetic unlocks including liveries, race suits and celebration animations.
Sixteen classic cars spanning 1988 to 2010 were available, with four additional cars — including the 1994 Benetton B194 and 1995 Benetton B195 — exclusive to the Deluxe Schumacher Edition or sold separately. The game included Anthoine Hubert as a selectable driver in My Team as a tribute to the French driver who died at the 2019 Belgian Formula 2 round; a dedication appeared when his likeness was selected.
F1 2020 received positive reviews upon release. Metacritic recorded generally favourable scores for PC and PlayStation 4, and universal acclaim for the Xbox One version, making it the highest-rated Codemasters-developed F1 title on that platform at the time. OpenCritic found the game recommended by 98% of critics. The My Team mode was widely praised as the most significant addition to the series in years. Critics cited the game among the best Formula One titles published. It was nominated for Best Sports/Racing Game at The Game Awards 2020 and for Racing Game of the Year at the 24th Annual D.I.C.E. Awards. The game reached number one in UK retail sales charts on launch, displacing The Last of Us Part II.