F1 2020 was developed during the unprecedented disruption of the COVID-19 pandemic, which caused the postponement or cancellation of numerous races from the original 2020 Formula 1 World Championship calendar. The game was built around the original proposed calendar of twenty-two circuits, twenty drivers, and ten teams rather than the heavily revised schedule that ultimately ran. This meant circuits such as Circuit Zandvoort and the Hanoi Circuit — both new to the 2020 calendar — appeared in the game despite their corresponding races being cancelled. Conversely, the eight additional races that were added mid-season (including the Eifel, Emilia Romagna, Portuguese, and Tuscan Grands Prix) were not included, as they used circuits unavailable for other reasons.
F1 2020 was the last game in the franchise to be released prior to the EA acquisition, marking the end of a long era of independent Codemasters publishing. The game was subsequently delisted from consoles by the end of May 2022 and from Steam in March 2023.
F1 2020 introduced My Team mode, the most significant new addition to the series at the time. The feature allowed players to create, own, and operate an eleventh team on the Formula One grid. Players chose an engine supplier, recruited a second driver, designed a livery, and signed sponsors, then developed their team's headquarters and personnel over the course of a career. The mode had previously appeared in Codemasters' Dirt 4 in a different form.
Career mode received expanded options for season length — players could choose ten, sixteen, or twenty-two races, or build a custom calendar. A streamlined Formula 2 feeder series was available as a pre-season pathway without the scripted rival storyline that had appeared in F1 2019.
The game reintroduced split-screen multiplayer, which had not been available since F1 2014. A virtual rear-view mirror was added for the first time in the series, available in cockpit camera view. Driver ratings were introduced on a 99-point scale across four attributes — experience, racecraft, awareness, and pace — based on real-world performance data and applied to both Formula 1 and Formula 2 drivers.
The Podium Pass debuted in F1 2020, offering cosmetic unlockables including liveries, race suits, and celebration animations. A VIP tier available via in-game PitCoins provided additional exclusive items.
Classic car content included sixteen historical vehicles, with the oldest being the 1988 McLaren MP4/4. Four additional cars — including the 1994 and 1995 Benetton models and the 2000 Ferrari F1-2000 — were available exclusively in the Deluxe Schumacher Edition or as purchasable DLC.
French Formula 2 driver Anthoine Hubert, who died during the 2019 Spa-Francorchamps Formula 2 round, was commemorated as a selectable driver in My Team. Codemasters stated the inclusion was a "tough decision" made in consultation with all parties connected to Hubert and fellow accident survivor Juan Manuel Correa. A post-launch December update added the 2020 Formula 2 Championship content with Mick Schumacher as champion.
F1 2020 was widely praised upon release. Metacritic rated the game in the "generally favorable" to "universal acclaim" range across platforms, making it the highest-rated Codemasters-developed F1 title on the site at the time. OpenCritic recorded 98 percent of critics recommending the game. Critics highlighted the My Team mode, the Formula 2 integration, the return of split-screen racing, and the overall quality of the racing experience. The game was frequently cited as one of the best entries in the franchise.
F1 2020 reached number one in the United Kingdom sales charts, displacing The Last of Us Part II. 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.