The car made its competitive debut at the 1951 Syracuse Grand Prix, a non-championship event. Driven by Dorino Serafini for the factory Scuderia Ferrari team, chassis 102 finished in second place behind teammate Luigi Villoresi. Serafini entered the car again two weeks later at Pau, qualifying in third position, but was forced to retire after 49 laps due to steering problems. These two events marked the entirety of the factory team's competitive use of chassis 102.
While Scuderia Ferrari utilized chassis 102, the second of the two units built, chassis 110, was sold to Swiss driver Rudi Fischer, leader of Ecurie Espadon. Fischer debuted the car at the non-championship Syracuse Grand Prix, finishing third behind Serafini. Throughout 1951, Fischer campaigned the car in several non-championship races, securing a third-place finish at the San Remo Grand Prix and a second-place finish at the Bordeaux Grand Prix.
Fischer and the 212 F1 made their World Championship debut at the 1951 Swiss Grand Prix. After starting from tenth on the grid, Fischer finished the race in eleventh position. At the German Grand Prix, he finished sixth, missing out on World Championship points by a single position. A practice crash at the Italian Grand Prix prevented Fischer from starting that event.
In 1952, the World Championship adopted Formula Two regulations. While Fischer transitioned to a Ferrari 500 for his primary entries, the 212 F1 remained in service as a secondary car for Ecurie Espadon. Peter Hirt drove the car at the Swiss Grand Prix and the British Grand Prix, retiring from the latter. At the French Grand Prix, Fischer was forced to switch from his Ferrari 500 to the 212 F1 following engine problems in practice; he shared the car with Hirt during the race. Rudolf Schoeller also drove the car at the Nürburgring but did not finish. An attempt by Hans Stuck to qualify the car for the Italian Grand Prix failed when he was not among the 24 fastest drivers permitted to start.
The final appearance of the 212 F1 in a World Championship event occurred at the 1953 Swiss Grand Prix. Max de Terra drove the car to an eighth-place finish, 14 laps behind the winner, Alberto Ascari.
In addition to its Formula One outings, the 212 F1 was campaigned in Formula Two categories. For these events, Rudi Fischer fitted the chassis with a smaller 1995cc Ferrari 166 V12 engine. Using this configuration, Fischer won two Formula Two races in 1951 at Aix-les-Bains and Angoulême.
Only two chassis of the 212 F1 were produced, featuring different rear suspension setups: chassis 102 utilized a De Dion rear axle, while chassis 110 featured a swing axle. The car was powered by the Ferrari Tipo 212 F1 engine, a 60° V12 with a displacement of 2,562.5 cc. This naturally aspirated power unit featured a single overhead camshaft per bank and two valves per cylinder, fed by three Weber 32 DCF carburettors. The engine produced 200 hp at 7500 rpm, resulting in a power density of 78 bhp per liter.
The vehicle was constructed on an elliptical-section tubular steel chassis with a wheelbase of 2,320 mm. It featured a five-speed manual gearbox and rear-wheel drive. The front suspension consisted of double wishbones with a lower transverse leaf spring, while the rear utilized a De Dion axle with lower longitudinal leaf springs. The total weight of the car was 700 kg, and it was equipped with drum brakes on all four wheels.
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