Formula 2 was introduced in 2017 following the rebranding of the GP2 Series and was designed to serve as an "ideal training ground for life in Formula One." As a spec series — all teams using the same Dallara chassis, Mecachrome engine, and Pirelli tyres — it eliminates equipment disparity and places a premium on driver skill. The series mirrors Formula One's technical regulations in areas such as safety structures, the halo cockpit protection device (introduced to F2 in 2018, the same year as Formula One), and from 2020, 18-inch wheels compatible with the approach Formula One later adopted for 2022. Running costs are estimated at around US$3 million per season.
Formula 2 races predominantly support the Formula One World Championship calendar, with drivers competing on the same circuits in front of team personnel and sponsors, increasing their visibility to potential Formula One employers.
Charles Leclerc and Sergey Sirotkin were the first drivers to graduate from the newly branded Formula 2 series directly to Formula One in 2018. Leclerc entered as the reigning Formula 2 champion and joined Sauber. The 2018 Formula 2 top three all moved to Formula One in 2019: champion George Russell joined Williams, runner-up Lando Norris went to McLaren, and third-placed Alex Albon signed with Scuderia Toro Rosso.
In 2021, the Formula One grid welcomed three 2020 Formula 2 graduates: champion Mick Schumacher and fifth-placed Nikita Mazepin both joined Haas, while third-placed Yuki Tsunoda debuted with AlphaTauri. Zhou Guanyu, third in the 2021 Formula 2 standings, became the only full-time 2022 Formula One newcomer from the series, signing with Alfa Romeo. Oscar Piastri, the 2021 Formula 2 champion, entered Formula One with McLaren in 2023, having served as Alpine's reserve driver in 2022 after his title-winning campaign. Fellow 2023 arrival Logan Sargeant joined Williams.
The 2024 season brought further graduates: Oliver Bearman (sixth in 2023) appeared as a reserve driver for both Ferrari and Haas before a full-time Haas seat in 2025; Franco Colapinto left his 2024 Formula 2 campaign mid-season to join Williams; and Jack Doohan (third in 2023) debuted for Alpine in the final race of 2024 ahead of a full-time seat in 2025. The 2025 Formula One grid included three further Formula 2 graduates: 2024 champion Gabriel Bortoleto with Sauber, runner-up Isack Hadjar with Racing Bulls, and sixth-placed Andrea Kimi Antonelli with Mercedes.
By 2025, Lando Norris had become the first driver to win the Formula One World Drivers' Championship who had come directly through the post-2017 Formula 2 series.
The pathway typically involves multiple seasons in Formula 3 followed by one to three seasons in Formula 2 before a Formula One opportunity arises. Drivers who finish near the top of the Formula 2 standings attract attention from Formula One team academies and constructor recruiters. Reserve and test driver roles are a common intermediate step, allowing Formula One teams to evaluate drivers in official sessions before awarding a race seat.
The FIA introduced the Anthoine Hubert Award in 2019, presented annually to the highest-placed Formula 2 rookie in the final standings, in honour of French driver Anthoine Hubert who died in a crash at Spa-Francorchamps that year.
Despite its status as the primary route to Formula One, the financial cost of competing in Formula 2 — roughly US$3 million per season — remains one of the principal barriers to progression. Most drivers cover expenses through personal funds, family backing, or sponsorship arrangements. The FIA has implemented cost-control measures including frozen car specifications and, in some periods, a reduced calendar to limit total outlay. The series remains among the fastest single-seater categories in world motorsport, with cars capable of around 335 km/h and cornering loads up to 3.9 g, placing physical and technical demands close to those of Formula One itself.