The direct predecessor to Formula Atlantic in North America was the SCCA Formula B class, created in 1965 for single-seat formula cars with engines up to 1600cc. Professional Formula B racing took various forms through the late 1960s, including as part of the SCCA Grand Prix Championship in 1967 and 1968 — won by Roger Barr in a Twin-Cam powered Crossle — before the class ran as its own independent series from 1969 to 1972.
In the United Kingdom, Formula Atlantic as a defined class evolved in 1971 from the US Formula B rules. The initiative came from John Webb of Brands Hatch, who designed the category to offer national-level competitors a car with performance approaching a Formula Two machine but at costs at or below those of contemporary Formula Three. Eligible engines initially included the Cosworth Mk.XIII (derived from the Lotus-Ford Twin Cam) and subsequently the Cosworth BDD, though Alfa Romeo engines were also permitted. A Yellow Pages-backed championship ran in Britain in 1971 and 1972, with a rival BP-backed series appearing in 1973. The BP series changed its title sponsor to John Player in 1974. British Formula Atlantic declined under pressure from Formula Three, and no series ran in 1977 or 1978, though a club-racing series organised by the BRSCC returned in 1979 and ran until 1983.
The first professional Formula Atlantic races in North America were held in 1974, organised by the CASC in Canada, drawing large fields partly due to television coverage on CTV. IMSA in the United States followed by organising their own series in 1976. The SCCA sanctioned US events from 1977, and in 1978 the CASC and SCCA series merged into a jointly run North American championship.
The series attracted international interest and frequently welcomed guest drivers from Europe and Formula One to events such as the Trois-Rivières street race in Quebec. Competitors who started in Formula Atlantic or made guest appearances there included James Hunt, Jean-Pierre Jarier, Riccardo Patrese, Patrick Depailler, Jacques Laffite, Didier Pironi, and Vittorio Brambilla.
The joint CASC-SCCA series ran until 1983, when it operated under the name Formula Mondial North American Cup and was won by Michael Andretti. Unable to sustain the momentum of its earlier seasons, the series was cancelled for 1984. The FIA's Formula Mondial category, introduced in 1983 as an international class intended to absorb both Formula Atlantic and the related Formula Pacific, did not achieve the hoped-for longevity.
Because Formula Atlantic chassis regulations closely resembled those of Formula Two and Formula Three, the category attracted the same manufacturers. Early grids featured Brabham, Lotus, March, and Chevron, with Ralt and then Reynard following as the series matured. US manufacturer Swift Engineering eventually came to dominate in North America, displacing the British imports with a series of purpose-built designs. Several smaller specialist marques also competed at various points.
A professional series continued under the IMSA Atlantic Championship through the 2000s. In 2006 the pro series introduced a spec chassis, the Swift Engineering 016.a, and a new spec engine in the form of the Mazda-Cosworth MZR. This change created a significant technical divergence from the amateur-level cars that had previously shared the same basic regulations. In 2009 the professional series introduced a C2 class for amateur-specification cars — primarily the Swift 014.a — in an attempt to bolster grid numbers, but the initiative attracted few entries and was dropped mid-season. The IMSA Atlantic Championship itself ran until the end of 2009.
Formula Atlantic has continued as a club racing class within the SCCA after the professional series concluded. SCCA Formula Atlantic cars are permitted wings and ground effects, and may run either the Toyota 4AGE engine or the Cosworth BDD. From 2011 the SCCA also admitted the Swift 016.a with Mazda-Cosworth MZR power, fitted with an inlet restrictor to maintain parity with older Toyota-engined cars. The class is considered by the SCCA to be its fastest club racing category.
Formula Atlantic served for decades as a credible proving ground between national junior formulas and the top levels of North American open-wheel racing. The guest appearances by established Formula One drivers at marquee events such as Trois-Rivières gave the series an international prestige that few feeder championships outside Europe could match. Its long run and the careers it helped launch cement its place as one of the defining junior categories in the history of North American motorsport.