The SF21 was designed as an evolution of its predecessor, the SF1000. Ferrari used the naming scheme of "SF" (Scuderia Ferrari's initials) and the year of competition for the first time since the SF16-H. This naming convention would be reused for the SF-23.
Head of Chassis Enrico Cardile stated that the aerodynamics on the SF21 underwent a "radical" revision due to 2021 regulations that cut downforce around the car's floor and rear wheels. As a result, the team's development tokens were spent on the transmission and rear suspension.
Mattia Binotto explained that 2021 would be a "transition" year in preparation for 2022, and that the SF1000's high aerodynamic drag was a point of focus for development.
The entire front section of the car underwent refinements. The new front-wing returned to a 2019-style emphasis on the outwash effect. It also featured a new lateral drift, both for the shape of the bulkhead in the outermost edge, and in the foot curb area with a small flow diverter in front of the tire. There was also a new cape, which is a flow diverter located behind the nose that helps manage the flow of air passing through the lower part of the frame. Additionally, the aerodynamic "horns" placed in the front part of the frame featured four separate flow diverters.
Addressing the power deficit of their 2020 contender, Mattia Binotto stated that the new engine was "running well on the dyno" and that its performance had progressed "significantly" compared to 2020. In August 2021, Binotto announced an additional development to the power unit targeted towards the latter stages of the season. At the Russian Grand Prix, Ferrari introduced its new hybrid system, installing it into Charles Leclerc's car. Carlos Sainz received his updated power unit at the Turkish Grand Prix. The change involved upgrading the energy store from a 400 V to an 800 V system, aligning with rivals by increasing the energy density of the batteries. Binotto told The Race that "The power is always available through the straight line, so you get the benefit from it at the start of the straight line but as well at the end. If we consider how the situation was last year, it is certainly a big step forward. So we still know that there is a gap to the best engine today, but we believe that gap today is not so dramatic."
Ferrari had a much-improved season relative to its 2020 campaign with the SF1000. Charles Leclerc achieved 2 pole positions in Monaco and Azerbaijan. The improvement in performance from the SF21 helped Ferrari secure 3rd in the constructors' standings, compared to 6th in 2020. Despite this improvement, Ferrari ended the season winless, marking the first time since 1992 and 1993 that they were winless in consecutive seasons. The SF21 came closest to victory at the British Grand Prix, where Leclerc was 2 laps away from taking the win before being overtaken by Lewis Hamilton at Copse corner on lap 50 of 52.
Development of the SF21 ended after the Azerbaijan Grand Prix as Ferrari switched their attention to the car's successor.
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