The concept of a pan-European Formula Three championship predates the modern series. A five-race F3 European Cup was held in 1975 at circuits including Monaco, the Nurburgring, Anderstorp, Monza, and Croix-en-Ternois in France, with Australian Larry Perkins taking the title in a Ralt-Ford. In 1976 the Cup evolved into a full ten-round European F3 Championship that ran until 1984, producing champions including Riccardo Patrese (1976), Alain Prost (1979), and Michele Alboreto (1980).
The modern Formula 3 Euro Series was inaugurated in 2003 through a collaboration between the French motorsport body, the FFSA, and the German body, the DMSB. The creation of the series ended the French Formula Three Championship outright, while Germany's national championship was effectively displaced into a lower-tier series, the Recaro Formel 3 Cup, run by ADAC. Organisation and promotion of the Euro Series was handled by ITR, which also managed the DTM touring car championship, and most rounds were shared with DTM events.
The championship consisted of ten events per season, each comprising two races, at a varied roster of European circuits. Approximately half to sixty percent of events were held in Germany, with others held in Britain, France, the Netherlands, Italy, Belgium, Spain, and Portugal. Notable venues included Pau and Le Mans in France, Brands Hatch in Britain, Circuit de Catalunya in Spain, Estoril in Portugal, and Spa-Francorchamps in Belgium. From 2004 the Masters of Formula 3 at Zandvoort was included as a championship round.
The championship was based on the FIA's standard F3 formula: multiple chassis builders, production-derived four-cylinder two-litre engines, and control supplies of tyres and fuel. As in most F3 championships, Dallara of Italy was the overwhelmingly dominant chassis choice throughout the series' existence, with alternative designs from Lola, Dome, Mygale, and the French Signature SLC appearing without achieving a regular foothold.
Three engine suppliers entered at the inception of the series in 2003: Mercedes-Benz produced by HWA, Opel produced by Spiess, and Toyota produced by TOM's. A limited number of teams also raced with Renault and Mugen-Honda engines. Mercedes, through the ASM Formule 3 team, became by far the most successful supplier, winning the teams' title repeatedly from 2004. The last entry using Opel engines raced in 2007, and Volkswagen engines entered the series that same year.
Sporting regulations limited testing to a maximum of ten days per driver and car in 2006, with no testing permitted at race venues. Tyre usage was restricted to three sets per car per race weekend, with no limit on wet-weather tyres when conditions required them.
Each race weekend opened with a 60-minute practice session and a qualifying session that determined the starting grid for the first race. Saturday's race ran to approximately 100 to 110 kilometres and Sunday's to approximately 70 to 80 kilometres. For the second race, the top eight finishers from race one had their positions reversed, placing the race-one eighth place finisher on pole. This reverse-grid system was introduced in 2006 and produced a notably higher number of different race winners than had been seen in previous seasons.
Points in the first race were awarded to the top eight finishers, with ten points for the winner, and a bonus point was given for pole position. The second race awarded points to the top six finishers, with six points for the winner.
The 2003 inaugural season was won by Australian Ryan Briscoe in a Dallara-Opel run by Prema Powerteam. Jamie Green of Britain took the title in 2004 with ASM and Mercedes. In 2005, Lewis Hamilton dominated the championship for ASM, recording fifteen race wins from twenty starts, thirteen pole positions, and ten fastest laps — he graduated to GP2, won that series as a rookie, and then took the 2008 Formula One world championship with McLaren at the age of 23. Paul di Resta won the 2006 title for ASM, with Sebastian Vettel finishing runner-up that year. Romain Grosjean was champion in 2007, Nico Hulkenberg in 2008, and Jules Bianchi in 2009. Other Formula One drivers who raced in the series include Adrian Sutil, Kamui Kobayashi, Nico Rosberg, and Sebastien Buemi.
In 2012, the FIA announced that the Formula 3 Euro Series would be discontinued and merged into a reinstated FIA Formula 3 European Championship from 2013. The series was regarded as having served its purpose as a stepping stone, but the consolidation reflected the FIA's desire to rationalise the European junior single-seater ladder under its own governance.