The series grew out of the Spanish Formula Renault Championship, which ran from 1991 to 1997. In 1998, it was relaunched as Open Fortuna by Nissan, organised by RPM Comunicacion under Jaime Alguersuari Tortajada, primarily based in Spain with occasional international rounds. Early cars used Coloni chassis with a 2.0-litre Nissan SR20 engine producing around 250 bhp. The series went by several informal names, including "Formula Nissan."
In 2002, the cars moved to a Dallara chassis with an upgraded Nissan VQ30 V6 engine, and the series became more international. Marc Gené won the inaugural 1998 championship; Fernando Alonso took the 1999 title the year before launching his Formula One career.
In 2005, Renault absorbed both the World Series by Nissan and its own Formula Renault V6 Eurocup into a unified series: the World Series by Renault, with the Formula Renault 3.5 as the headline category. The Dallara chassis was retained and the Renault V6 engine was developed to 425 PS.
From 2008 to 2011 the car used the Dallara T08 with a 3.5-litre Nissan VQ35 V6 producing 480 bhp. In 2012 a new Dallara T12 arrived, paired with a 3.4-litre V8 developed by Zytek producing 530 bhp. A Drag Reduction System was fitted, operating similarly to the DRS used in Formula One.
The Formula Renault 3.5 era was the series' golden decade in terms of graduate quality. Champions included Robert Kubica (2005), Daniel Ricciardo (runner-up in 2010), Kevin Magnussen (2013), Carlos Sainz Jr. (2014), and Pierre Gasly (runner-up in 2014). Jules Bianchi finished second in 2012 before his fatal accident at the 2014 Japanese Grand Prix. Robin Frijns won the 2012 championship. Heikki Kovalainen was champion in 2004 under the World Series by Nissan banner. Other notable alumni include Sebastian Vettel, Esteban Ocon, and Jean-Éric Vergne.
The television audience was served primarily through Eurosport across Europe, with feeds also reaching Asia and South America via partner networks.
At the end of July 2015, Renault Sport announced its withdrawal from the series from 2016, handing control to co-organiser RPM. Renault continued the World Series brand separately with the Formula Renault 2.0 Eurocup and a new Renault Sport Trophy. RPM renamed the series Formula V8 3.5 for 2016. In December 2016 the name was changed once more to World Series Formula V8 3.5. Tom Dillmann won the 2016 championship. Pietro Fittipaldi took the 2017 title.
On 17 November 2017, it was announced that insufficient entries meant the series would not run in 2018. A possible relaunch was mentioned but never materialised, effectively ending a twenty-year lineage.
Engine: 3.4-litre DOHC V8, 530 hp at 9,250 rpm
Gearbox: 6-speed paddle-shift with reverse
Weight: 623 kg
Torque: 447 Nm
Fuel: Elf LMS 102 RON unleaded
Length: 5,070 mm; Width: 1,930 mm; Wheelbase: 3,125 mm
The series' alumni list is arguably unmatched among post-Formula Three feeder championships. Two-time Formula One world champion Fernando Alonso won the very first Nissan-era championship. Four-time world champion Sebastian Vettel competed in it. Carlos Sainz Jr., Pierre Gasly, Kevin Magnussen, and Daniel Ricciardo all passed through on their way to Formula One. Alex Palou, who won the IndyCar championship in 2021, 2023, 2024, and 2025, also raced in the series. The championship's closure removed one of the most historically significant rungs from the European single-seater ladder.