Before the creation of a regional Formula Three championship, the Codasur series was held annually between 1983 and 1986, using local or Formula Three chassis with Renault or Volkswagen 1500–1600 cc engines. All four drivers' titles in that predecessor series went to Argentine Guillermo Maldonado, who also operated as a team owner. As South American motorsport administrators sought a more internationally relevant junior formula, Formula Three — long established in Europe — was the logical choice, and the new Fórmula 3 Sudamericana was inaugurated in 1987.
Rather than relying on surplus European machinery, the championship's founders commissioned a purpose-built chassis to FIA Formula Three specification from Argentine engineer and TC 2000 veteran Oreste Berta. The resulting Berta Mk3 was used exclusively throughout 1987, after which the series was opened to other constructors. Through the late 1980s and into the mid-1990s, Reynard, Ralt, TOM's, and Dallara all appeared on the grid, but Dallara's growing performance advantage — mirroring its dominance in European Formula Three — made it the near-universal choice by the end of that decade.
From 2005, the series tightened cost controls by mandating a control-specification engine produced by Berta for Class A competitors. Teams were permitted to service these engines themselves, substantially reducing running budgets. A separate Class B (also called Light) category continued to allow customer engines such as Mugen-Honda in older chassis, with Class A runners using the Dallara F301 and Light competitors fielding the older F394 from 1994.
In its early years the championship visited circuits in Argentina, Brazil, Chile, and Uruguay. Between 2002 and 2008 competition was restricted to events in Brazil and Argentina. The Grand Prix of Piriápolis, held in Uruguay, returned to the calendar in 2009. Limited local investment in circuit infrastructure meant only the most commercially viable venues could sustainably support the series.
The competitor base was overwhelmingly Brazilian and Argentine from the outset, and that concentration intensified through the 2000s. By 2006 only a small number of Argentine drivers entered, and then only at events on home soil. Series organisers responded by working to reduce costs and raise the championship's public profile to attract drivers from smaller South American nations. In 2007 the Brazilian rounds shared their venues with the Trofeo Maserati championship, broadening the audience at those events.
Despite operating far from the principal centres of motorsport, Fórmula 3 Sudamericana produced a remarkable roster of internationally prominent drivers. Hélio Castroneves, the four-time Indianapolis 500 winner, and Champ Car champion Cristiano da Matta both graduated from the series. Former Formula One drivers who came through the championship include Nelson Piquet Jr., Ricardo Zonta, and Christian Fittipaldi — nephew of two-time Formula One world champion Emerson Fittipaldi. Other notable alumni include Champ Car drivers Bruno Junqueira and former F1 racer Christian Fittipaldi, while 2003 series runner-up Lucas di Grassi and 2004 champion Alexandre Sarnes Negrão subsequently competed in GP2.
Petrobras became the official sponsor of the 2010 season under an agreement worth three million US dollars, valid for twelve months and facilitated through Brazil's Law for Encouragement of Sport. The arrangement brought naming rights, with the series rebranded Formula 3 Sudamericana Petrobras for that year. Petrobras also served as the official supplier of fuel and lubricants for all competing cars.
Fórmula 3 Sudamericana ran for 26 seasons and established itself as the definitive proving ground for South American open-wheel talent during that period. Its closure after 2013 marked a deliberate shift toward a more nationally focused successor: the Brazilian Formula Three Championship, which concentrated exclusively on Brazilian circuits and domestic competitors from 2014 onward. The series' alumni list, spanning Formula One, IndyCar, and Champ Car, stands as evidence of its effectiveness as a stepping stone to the highest levels of international motorsport.