The roots of the series lie in the Spanish Formula Renault Championship, active from 1991 to 1997. In 1998, Nissan launched the Open Fortuna by Nissan series, initially based in Spain under the management of RPM Comunicacion, using Coloni chassis and a 2.0-litre Nissan SR20 engine. From 2002 the series expanded internationally and adopted Dallara chassis with the upgraded Nissan VQ30 engine.
In parallel, Renault established the Formula Renault V6 Eurocup in 2003 as a support series using Tatuus chassis and a 3.5-litre V6 engine. When Renault departed the Super Racing Weekend platform in 2005, it merged both the World Series by Nissan and the V6 Eurocup into a new structure — the World Series by Renault — with the Formula Renault 3.5 Series as its headline category, retaining the Dallara chassis with an uprated Renault V6 producing 425 hp.
From 2008 to 2011, the series used the Dallara T08 chassis with a 3.5-litre Nissan VQ35 V6 producing 480 bhp, limited to 8,500 rpm, with a Ricardo six-speed semi-automatic gearbox operated by steering wheel paddle-shift. Total weight was 600 kg dry.
From 2012 onwards, the series switched to the Dallara T12 chassis powered by a new 3.4-litre V8 engine developed by Zytek producing 530 bhp at 9,250 rpm — an increase of 50 bhp over the previous unit, combined with a reduction of 15 kg in weight. A Drag Reduction System, operating similarly to the Formula One system, was also introduced.
Final-era specifications: 3.4-litre DOHC V8, 530 hp, six-speed paddle-shift gearbox, 623 kg total weight, 5,070 mm length, 1,930 mm width, 3,125 mm wheelbase, with power-assisted rack-and-pinion steering.
The series attracted and produced an extraordinary roster of Formula One drivers. Fernando Alonso won the 1999 World Series by Nissan title before entering Formula One and becoming a two-time world champion. Robert Kubica was 2005 Formula Renault 3.5 champion. Heikki Kovalainen won in 2004. Kevin Magnussen took the 2013 title; Carlos Sainz Jr. won in 2014; Pierre Gasly finished second in 2014. Daniel Ricciardo competed in 2010 and 2011. Jules Bianchi finished second in 2012.
Marc Gené won the inaugural 1998 World Series by Nissan title before racing for Minardi and Williams in Formula One. The series also produced champions in other disciplines — Will Power became a two-time IndyCar champion, Simon Pagenaud a 2016 IndyCar champion, and Alex Palou a four-time IndyCar champion after his Formula V8 3.5 campaign.
At the end of July 2015, Renault Sport announced it was withdrawing its backing from 2016 onwards, transferring control to co-organiser RPM. The series was renamed Formula V8 3.5 for 2016 and World Series Formula V8 3.5 in December 2016. On 17 November 2017, with entries having dwindled critically, the series announced it would not run in 2018. A relaunch was signalled as a possibility but never materialised.
Formula Renault 3.5 occupied a unique position in the driver development hierarchy — more powerful than Formula 2 (when that was GP2), with cars demanding high skill at a level genuinely close to Formula One. For a period in the early 2010s it was considered by many drivers a more attractive route to Formula One than GP2, with shorter seasons, stronger car performance, and the glamour of the World Series by Renault package at major circuits across Europe. Its alumni list reads as a who's-who of the generation that dominated Formula One from the mid-2000s through the 2010s.