The overall shape of the 72 was innovative, resembling a wedge on wheels which was inspired by the earlier Lotus 56 gas turbine car. This shape made for better air penetration and higher speeds. In a back-to-back test with the Lotus 49, the 72 was 12 mph faster with the same Cosworth engine. Chapman's and Phillippe's efforts produced a car that was years ahead of its rivals, taking the stressed engine layout technique from the Lotus 49 and adding advanced aerodynamics. Initially, problems with the handling due to anti-dive suspension geometry and anti-squat set-up had to be overcome. Once the suspension was modified, there were no further major problems aside from front inboard brake shafts failing. A total of nine chassis were built.
The car was introduced at the Spanish Grand Prix in April, the second race of the 1970 season, continuing the red, cream and gold paint scheme of Gold Leaf cigarettes. The cars were driven by Jochen Rindt and John Miles, but the 72 was withdrawn after the Spanish Grand Prix for suspension modification due to poor performance. It was re-entered for the Dutch Grand Prix, and Rindt soon made the car successful, winning the Dutch, French, British and German Grands Prix in quick succession. Rindt was killed in a qualifying crash at Monza, driving the 72 with its wings removed, when a front brake shaft failed. His replacement, Emerson Fittipaldi, won the United States race, helping Rindt become F1's only posthumous world champion. Their combined points helped Lotus to its fourth constructors' championship.
The car was developed during 1971 by Tony Rudd, who redesigned the rear suspension and modified the rear wing. Fittipaldi struggled in 1971 but finished sixth. The 1972 season was much better, with Fittipaldi becoming the youngest world champion in F1 history, winning five races in the 72. Lotus again won the constructors' championship. The car sported a black and gold paint scheme, sponsored by John Player Special cigarettes.
The 1973 season introduced new safety rules, requiring deformable structures. The 72 was updated with integrated sidepods, larger bodywork, and new wing mounts. Fittipaldi was joined by Ronnie Peterson. Peterson won four races and Fittipaldi won three, but Jackie Stewart snatched the drivers' championship. Lotus kept the constructors' championship. Fittipaldi left for McLaren in 1974 to drive the McLaren M23, a car closely based on the 72.
Peterson became team leader, partnered by Jacky Ickx. The 72 was meant to be replaced by the Lotus 76, but that project flopped. Lotus turned to the 72 for the 1974 season, updating it with an increased front and rear track. Peterson won three more races and challenged for the championship, supported by Ickx who scored several podiums. The aging 72 finished fourth in the constructors' championship.
For 1975, the 72 was again pressed into service. Despite further modifications, including a wider track and redesigned suspension, it was no match for the new Ferrari 312T or the latest Brabham BT44. Lotus finished sixth in the constructors' championship. After 20 wins, two drivers' and three constructors' championships, the 72 was retired for the 1976 season and replaced by the Lotus 77. This longevity makes it one of the most successful Formula 1 cars ever.
The car was later used to win the 1996 Historic Formula One Championship.
In 1973, Brazilian singer-songwriter Zé Roberto released a single titled "Lotus 72D", inspired by Emerson Fittipaldi's victory at the 1973 Brazilian Grand Prix. The special edition of the second generation Lotus Elise commemorates the car with two versions, the Type 72 edition and the 72D edition. The Lotus 72 appears as a playable vehicle in video games including Lotus Challenge and F1 2019.
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