The team originated in early 2009 when Adrián Campos of Campos Racing partnered with Enrique Rodríguez of Madrid-based sports agency Meta Image to form Campos Meta. The venture attracted shareholders including businessman José Ramón Carabante and basketball players Pau Gasol and Jorge Garbajosa. On 12 June 2009, the FIA named Campos Meta one of three new teams granted entry to the 2010 season, alongside US F1 Team and Manor Grand Prix. The team's initial technical centre was based at Campos Racing's headquarters in Alzira, Valencia, with Italian constructor Dallara engaged to build the 2010 cars in Parma using Cosworth engines.
The road to the 2010 season was turbulent. In late January 2010, the team admitted it might not be able to participate in winter testing, and by early February Campos publicly acknowledged severe funding difficulties. On 19 February 2010, José Ramón Carabante assumed full control, replacing Adrián Campos as owner; Colin Kolles was installed as team principal. The outfit was renamed Hispania Racing F1 Team (HRT), taking the name from Carabante's Grupo Hispania, and its headquarters relocated to Murcia. The Cosworth-powered, Dallara-designed car was designated the F110. Karun Chandhok was confirmed as the second driver alongside Bruno Senna on 4 March 2010.
HRT completed no pre-season testing, making the F110's first laps during the 2010 Bahrain Grand Prix weekend. Senna managed three installation laps in Friday practice while technical problems prevented Chandhok from completing any laps that day. Both cars started the race from the pit lane. The team's first classified finish came at the Australian Grand Prix, where Chandhok took 14th place despite finishing five laps behind race winner Jenson Button. Double finishes followed at Malaysia and China, though the cars remained firmly at the back of the field.
A notable incident occurred at Monaco, where Chandhok was struck from behind by Jarno Trulli's Lotus in a frightening collision that sent the Trulli car over the top of the HRT and into a barrier; both drivers were uninjured. Driver lineup changes were frequent through the season: Sakon Yamamoto substituted for Bruno Senna at the British Grand Prix and later replaced Chandhok for four races, while Christian Klien stepped in at Singapore and the season's final two rounds. HRT finished the year at the foot of the Constructors' Championship, having managed to complete a season with no pre-season testing — a unique circumstance in the modern era. The team later acknowledged that the unresolved dispute between Campos and Dallara over chassis payments meant the F110 received essentially no aerodynamic upgrades throughout the year.
For 2011, HRT developed its own chassis in-house following the breakdown of its partnership with Dallara. The Hispania F111 debuted mid-weekend at the Australian Grand Prix. The season saw the reintroduction of the 107% qualifying rule, and at Australia both drivers initially failed to set a time within the threshold. Narain Karthikeyan was signed for the season alongside Vitantonio Liuzzi, with Daniel Ricciardo joining for several races mid-season as a Red Bull protégé. In July 2011, Thesan Capital, a Madrid-based investment company, purchased a controlling stake from Carabante. The team's best result of the season came at Canada, where both drivers finished in 13th and 14th, though Karthikeyan later received a post-race penalty. HRT finished 11th in the Constructors' Championship, ahead of Marussia Virgin.
Pedro de la Rosa signed a two-year deal in November 2011, and Luis Pérez-Sala replaced Colin Kolles as team principal. The team relocated its operations to the Caja Mágica complex in Madrid. The 2012 car, the F112, failed mandatory crash tests and missed the opening round of testing. At the Australian Grand Prix, neither driver was permitted to race after failing to set a time within 107% of the quickest qualifying lap. In November 2012, Thesan Capital announced it was seeking to sell the team, setting a deadline of 30 November — the date by which entry fees for the 2013 season were due. No buyer was found, HRT was omitted from the 2013 entry list, and the team was subsequently reported to be in liquidation. The team's assets were ultimately sold to Teo Martín, owner of an automotive recycling firm who intended to race the cars in the EuroBOSS Series.
HRT holds the distinction of being the first Spanish Formula One constructor to race in the championship. Despite three seasons of competition from 2010 to 2012, the team never scored a World Championship point. Its story stands as a cautionary tale about the financial fragility facing small Formula One outfits: the team debuted without testing, raced cars frozen by contractual disputes, and cycled through three owners before collapse. Several drivers who passed through HRT — including Daniel Ricciardo — went on to prominent careers elsewhere in the sport.