The series had operated under the GP2 Series name since 2005. In March 2017, the FIA announced the rebranding to FIA Formula 2 Championship, aligning it with the FIA Global Pathway initiative, which aimed to create a linear, clearly named progression from domestic Formula Four series up to Formula One. Despite the new name, the 2017 season retained GP2 technical regulations — making it the thirteenth season under GP2 rules. It was also the final season in which the Dallara GP2/11 chassis, which had debuted in 2011, was used, along with the Mecachrome 4.0-litre V8 naturally-aspirated engine that had powered the series since its inception in 2005. A new chassis and engine package was introduced for 2018.
All drivers competed in the Dallara GP2/11 chassis with Mecachrome GP2 V8 engines and Pirelli tyres. Carlin withdrew from the series after six seasons to concentrate on their Indy Lights programme.
Leclerc, a Ferrari Driver Academy member, joined Prema Racing alongside fellow Ferrari junior Antonio Fuoco, replacing outgoing champion Pierre Gasly and Antonio Giovinazzi. Leclerc's performance was exceptional throughout: he recorded seven race victories and secured the championship before the final three races of the season.
Runner-up Artem Markelov of Russian Time took five victories. Oliver Rowland, driving for DAMS, finished third in the championship with two wins, while Luca Ghiotto of Russian Time took one win and finished fourth overall.
Other race winners during the season included Nobuharu Matsushita of ART Grand Prix, who won twice, and single victories for Norman Nato, Nicholas Latifi, Antonio Fuoco, Nyck de Vries, and Sérgio Sette Câmara.
The teams' championship was decided at the final race weekend. Russian Time won the title by fifteen points over Prema Racing. DAMS finished third, a further eleven points behind Prema.
Alex Albon joined ART Grand Prix from the GP3 Series, where he had finished second in 2016, replacing Sergey Sirotkin who departed for a Formula One test role with Renault. Albon was forced to miss the Baku round due to a broken collarbone sustained in a bicycle accident, with Sirotkin returning to deputise.
Nyck de Vries made his Formula 2 debut with Rapax, having come from the GP3 Series. Lando Norris made a single appearance in the championship at the final round at Yas Marina Circuit, taking a Campos Racing seat — his first competitive outing in the series before his full-time campaign the following year. Roberto Merhi, a former Formula One driver with Marussia in 2015, made multiple appearances across the season with Campos Racing and Rapax.
The 2017 season saw considerable mid-season driver movement. Stefano Coletti, who had raced in GP2 between 2009 and 2014 before competing in IndyCar and the European Le Mans Series, joined Campos Racing for the opening round but was replaced by Roberto Merhi for the second round in Barcelona. Several other drivers rotated through seats at Trident and Rapax across the second half of the season.
ART Grand Prix's Alex Albon missed Baku with injury. Trident saw Sergio Canamasas depart before the Spa round under difficult personal circumstances, and his seat saw multiple occupants through the remainder of the season, including Callum Ilott and Santino Ferrucci.
The eleven-round calendar included rounds at Bahrain, Barcelona, Monaco, Baku, the Red Bull Ring, Silverstone, the Hungaroring, Spa-Francorchamps, Monza, Jerez, and Abu Dhabi. The Bahrain round returned after a period of absence, while Hockenheim and the Sepang International Circuit were dropped. Jerez hosted the series for the first time as a standalone event running as the penultimate round of the season.
Charles Leclerc's dominant 2017 campaign accelerated his path to Formula One: he raced for Sauber in 2018 and joined Ferrari in 2019, winning multiple Grands Prix and becoming a perennial championship contender. The 2017 season marked the end of an era technically, with the retirement of the GP2/11 package that had served the series for seven years, and set the stage for a new generation of Formula 2 hardware from 2018 onward.