Lucchinelli began his road racing career in 1975 on a Laverda in endurance racing, impressing Yamaha enough to earn a sponsored ride in the Italian National Championship and a debut in the 1975 Nations Grand Prix in the 350cc class. In 1976, he moved to a Suzuki in the 500cc World Championship, finishing fourth in the standings with two second-place results. His wild, aggressive style attracted considerable fan attention but also resulted in frequent crashes. After a difficult 1977 campaign on a Yamaha, in which he dropped to 11th in the championship, he returned to Suzuki for 1978.
Lucchinelli's breakthrough at the premier level came in 1980 when he took his first 500cc Grand Prix victory at the German Grand Prix at the Nürburgring, finishing the season third behind Kenny Roberts and Randy Mamola.
His peak year was 1981. He opened the season with a memorable victory over Roberts at the prestigious non-championship Imola 200 in Italy, then claimed five Grand Prix victories on the Roberto Gallina-backed Suzuki RG500. The title fight ran to the final race of the season, a close battle against Mamola, with Lucchinelli ultimately emerging as world champion. It was a result that underscored both his raw talent and his ability to manage pressure across a full campaign.
In 1982, Lucchinelli accepted a contract with Honda to ride their new three-cylinder NS500 alongside Freddie Spencer and Takazumi Katayama. The season proved disappointing, and the title returned to the Gallina-Suzuki team — this time won by Franco Uncini, who had replaced him. A further underwhelming year with Honda in 1983 led him to join Cagiva for 1984 and 1985 before retiring from Grand Prix motorcycle racing.
After his Grand Prix career, Lucchinelli found renewed success in Superbike racing. He rode a Ducati 851 to a popular victory at the 1987 Daytona Battle of the Twins race. He then joined Ducati for the 1988 Superbike World Championship, winning two races before transitioning into a team management role with the marque.
He briefly returned to motorsport competition in 1998, entering the 1000 km Monza and the opening round of the International Sports Racing Series, finishing sixth overall and second in the CN class at the latter event, though he did not start the Monza race.
On 6 December 1991, Lucchinelli was arrested for drug possession and served time in jail, during which he successfully overcame drug addiction. Following his recovery, he rebuilt his public life and became a television commentator for Eurosport's motorcycle race coverage.
Lucchinelli retired from racing with six Grand Prix victories across his career. His 1981 world title, achieved on a privateer-backed Suzuki in a season of fierce competition against Roberts and Mamola, remains his defining achievement. The MotoGP Legends Hall of Fame induction in 2017 recognised both his championship and the outsized personality he brought to the sport.