Formula One originated from the World Manufacturers' Championship (1925–1930) and European Drivers' Championship (1931–1939). The formula was agreed upon in 1946 to officially become effective in 1947, with the first Grand Prix under the new regulations being the 1946 Turin Grand Prix. The World Championship commenced in 1950 with the inaugural race at Silverstone Circuit in the United Kingdom on 13 May.
A Constructors' Championship was added in the 1958 season. Stirling Moss, regarded as one of the greatest Formula One drivers of the 1950s and 1960s, never won the championship, finishing second four times and third three times between 1955 and 1961. Fangio won 24 of the 52 races he entered, still the record for the highest Formula One winning percentage by an individual driver.
The first major technological development in the series was Bugatti's introduction of mid-engined cars, soon proving their superiority over all other engine positions. By 1961, all teams had switched to mid-engined cars. The Ferguson P99, a four-wheel drive design, was the last front-engined Formula One car to enter a world championship race at the 1961 British Grand Prix.
In 1962, Lotus introduced a car with an aluminium-sheet monocoque chassis, which proved to be the greatest technological breakthrough since the introduction of mid-engined cars. Sponsorship was introduced in 1968, with Team Gunston becoming the first team to run cigarette sponsorship on its Brabham cars. Aerodynamic downforce slowly gained importance, with Lotus installing modest front wings and a rear spoiler on its Lotus 49B at the 1968 Monaco Grand Prix. Lotus later introduced ground-effect aerodynamics in the late 1970s, greatly increasing cornering speeds.
Beginning in the 1970s, Bernie Ecclestone rearranged the management of Formula One's commercial rights, transforming the series into a multi-billion dollar business. He persuaded teams to negotiate as a group, offering Formula One to circuit owners as a package. The formation of the Fédération Internationale du Sport Automobile (FISA) in 1979 led to the FISA–FOCA war, a dispute over television revenues and technical regulations. The result was the 1981 Concorde Agreement, which guaranteed technical stability.
In 1983, ground-effect aerodynamics were banned, but turbocharged engines were becoming essential for competitiveness, producing over 520 kW (700 bhp) by 1986. These engines were eventually limited in 1984 and banned completely in 1989. Electronic driver aids were developed in the 1980s, but many were banned in 1994 due to concerns that they were determining race outcomes.
The rivalry between Ayrton Senna and Alain Prost became central to F1 in the late 1980s and early 1990s. Senna died at the 1994 San Marino Grand Prix after crashing into a wall, and Roland Ratzenberger also died in an accident during Saturday qualifying that weekend. Following these deaths, the FIA imposed rule changes in the name of safety.
A major rule change in 2014 saw the introduction of 1.6-litre turbocharged hybrid power units. Mercedes emerged as the dominant force, with Lewis Hamilton winning the championship in 2014 and Nico Rosberg in 2016. In 2021, Red Bull, powered by Honda, began to seriously challenge Mercedes, with Max Verstappen winning the Drivers' Championship after a season-long battle.
Michael Schumacher and Ferrari won five consecutive Drivers' Championships and six consecutive Constructors' Championships. In 2008 and 2009, Honda, BMW, and Toyota all withdrew from Formula One, resulting in the end of manufacturer dominance. The 2010 season saw the entry of four new teams, though many collapsed in subsequent years.
To curb the growing advantage of wealthier teams, a cost cap of $175 million was introduced in 2021, later reduced to $135 million. Teams are working to maximise efficiency within these financial constraints.
Formula One has initiated a plan to become carbon neutral by 2030, with all events becoming "sustainable" by 2025. The series emitted 256,000 tonnes of carbon dioxide in the 2019 season.