Panizzi was born in Roquebrune-Cap-Martin in the Alpes-Maritimes department of southern France. Like many French rally drivers of his era, he developed his craft almost exclusively on the tarmac events that dominate French domestic competition. In 1996 and 1997, he won the French Rally Championship twice in succession driving a Peugeot 306 kit car, which brought him to the attention of Peugeot's works program.
Peugeot signed Panizzi as their dedicated asphalt specialist, deploying him on tarmac rounds of the World Rally Championship while other drivers handled the gravel calendar. This narrow but highly effective role yielded seven WRC victories between 1999 and 2003, making him one of the most successful tarmac drivers the championship has seen.
His inability to match rival pace on gravel, mud, and snow — the surfaces that dominate the bulk of the WRC calendar — prevented him from mounting a serious championship challenge despite his asphalt dominance. He is the only WRC driver ever to execute a full 360-degree spin at the Viladrau hairpin, which he accomplished at the 2002 Rally Catalunya.
A notable incident occurred during the 2000 Safari Rally, when Panizzi and his brother and co-driver Hervé became caught behind Argentine driver Roberto Sanchez, who had failed to yield to faster cars despite being instructed to do so. Sanchez's car kicked up stones and dust, giving Panizzi two punctures. After the stage, both Panizzi brothers ran to Sanchez's car and physically confronted him. The incident resulted in a $50,000 fine for each of the brothers.
In 2004, Mitsubishi Motor Sports recruited Panizzi and Hervé to spearhead the Japanese manufacturer's WRC programme. The partnership did not yield the results hoped for, and in the 2005 season Panizzi was moved to the second Mitsubishi car while Harri Rovanperä led the team. He finished third at the season-opening Monte Carlo Rally but scored points in only one other event.
In 2006, Panizzi joined the semi-privateer Red Bull Škoda team. After a strong Monte Carlo showing, he expressed dissatisfaction with the car's pace and announced his departure following a disappointing result in Spain. Rovanperä, his former Peugeot teammate, replaced him.
After leaving the WRC, Panizzi made occasional appearances in the Intercontinental Rally Challenge, contesting the 2007 and 2010 Rallye Sanremo, finishing eighth and twenty-second respectively. In 2021, he made a one-off return at the Rallye Mont-Blanc Morzine, driving a Hyundai i20 R5 and finishing fifteenth overall.
Panizzi's seven WRC victories, concentrated entirely on tarmac, represent one of the most specialist careers the championship has produced. He proved that a driver with a narrow surface expertise could still reach the top tier of the sport, even if the breadth required for a world title remained out of reach. His record on asphalt made him a formidable opponent for any driver in his preferred conditions, and his partnership with his brother Hervé was one of the more distinctive driver-co-driver relationships in WRC history.