The series in its current form was awarded to MotorSport Vision from 2013, replacing the Formula 4 series previously run by the 750 Motor Club. Jake Hughes became the inaugural champion that year, driving for Lanan Racing, with George Russell winning the title in 2014 by just three points over Lanan teammate Arjun Maini — Russell subsequently won the 2014 McLaren Autosport BRDC Award. Will Palmer dominated the 2015 season with 12 victories from 24 races, also earning that year's BRDC Award.
In March 2016, the FIA and MSA agreed to rebrand the championship as the BRDC British Formula 3 Championship, reflecting both the increased performance of a new car and the void left by the dissolution of the British Formula 3 Championship in 2014. In the first BRDC British F3 season, Matheus Leist claimed the title, while Lando Norris — who finished without the championship but won three races — was named that year's McLaren Autosport BRDC Award winner. Enaam Ahmed dominated 2017 with 13 victories, and Linus Lundqvist won in 2018, earning a prize drive at the 2019 24 Hours of Daytona. Clement Novalak and Kaylen Frederick subsequently won consecutive titles, both with Carlin.
In August 2021 the FIA restricted the use of the "F3" denomination to the FIA Formula 3 Championship, prompting the rename to GB3 Championship. Zak O'Sullivan became the first champion under the new name. The following month, MotorSport Vision announced a new support series, the GB4 Championship, to sit beneath GB3 in the domestic single-seater ladder.
A new car, the Tatuus MSV-022, was introduced for 2022, delivering two to three seconds per lap more than its predecessor while incorporating the halo safety device and other updated safety standards. For 2025, a further new car — the Tatuus MSV GB3-025 — was announced, featuring F1-inspired aerodynamics, DRS, and a new Mountune 2.0-litre engine producing 280 bhp.
Like most junior formula championships, GB3 is a spec series. While not officially classified as a Formula Regional series, the 2025-specification car conforms to Formula Regional technical standards, placing it in a performance tier comparable to other FR championships internationally. Races use a tiered points system, with the reverse-grid race awarding bonus points per position gained from the starting grid.
The championship and its predecessor names have produced a significant number of drivers who subsequently competed in Formula 2 and Formula 1. George Russell, who won in 2014, reached Formula 1 with Williams and later Mercedes. Lando Norris competed in 2016 and reached F1 with McLaren. Zak O'Sullivan, the first GB3 champion, progressed through the FIA ladder. The McLaren Autosport BRDC Award, awarded annually to the outstanding British driver in the championship, has been closely linked with the series throughout its history.