The championship was established after the Fédération Internationale de l'Automobile expressed concern that the cost of competing in junior single-seater categories at a level capable of leading to Formula One had grown beyond the means of many talented drivers. Formula Two was reintroduced as a lower-cost alternative, explicitly designed to showcase racecraft in identical machinery.
The FIA tender to supply and operate the championship was awarded to MotorSport Vision, the British motorsport venue management company owned by former Formula One driver Jonathan Palmer. Palmer positioned the series as a proving ground accessible to drivers who might otherwise be excluded from top-level junior formulas on financial grounds.
The car used in the championship was the Williams JPH1, designed by a six-man team from Williams Grand Prix Engineering under the direction of Patrick Head, the company's Director of Engineering. The car's name reflected both Jonathan Palmer's and Patrick Head's involvement. Constructed around a carbon fibre composite monocoque survival cell, the JPH1 was built to comply with 2005 FIA Formula One safety regulations, with head protection meeting the latest 2009 Formula One standards. Road wheel tethers and other detailed safety features were incorporated throughout.
Power came from a 480 bhp engine developed by Mountune Racing and supplied by Audi. The cars were assembled and prepared centrally at MotorSport Vision's Bedford Autodrome facility between events, removing mechanical preparation from the competitive equation.
A fundamental principle of the series was that all cars were entered, prepared, and operated centrally by the championship organisation rather than by individual teams. Each driver worked with a single mechanic throughout the season and with a rotating group of engineers, ensuring that no driver could gain a performance advantage through superior resources. This structure made the series one of the most level playing fields available in single-seater racing at the time.
Race weekends began with 90 minutes of free practice followed by one hour of qualifying. The initial race distance was approximately 175 kilometres. From 2011 the format shifted to two 40-minute races per weekend. Sixteen rounds took place annually at eight venues, with live broadcast coverage provided by Motors TV and worldwide highlights distribution through the Motorsports Mundial programme. Live streaming was also available via the official Formula Two website.
The scoring system for 2009 awarded points to the top eight finishers on a 10–8–6–5–4–3–2–1 basis. In 2010, the championship adopted the Formula One points structure extended to the top ten finishers, with points awarded identically in each of the weekend's races.
The series produced four champions across its four seasons before MotorSport Vision announced in December 2012 that the championship would not continue into 2013.
The 2009–2012 Formula Two Championship represented one of several attempts during the 2000s and early 2010s to fill the perceived cost gap between national Formula Four and Formula Three series and the more expensive GP2 and Formula Renault 3.5 categories. While it did not achieve the same profile as those rival championships, its structure anticipated later efforts by the FIA to impose cost controls and standardised equipment across the junior single-seater ladder. The Formula Two name was revived again in 2017 when the GP2 Series was rebranded, this time as the primary Formula One feeder series directly below Formula One itself.