Gustav Brunner penned the M02 as a direct development of the M01, retaining the titanium-cased gearbox that had debuted the previous year while refining it further for improved weight distribution. The car featured a new pointed nose cone, more compact sidepods, and raised exhaust outlets. Among its technical distinctions, the M02 became the first Formula One car to adopt set-down brake calipers as a seasonal development. Power came from the Ford Cosworth V10, the same unit Minardi had used since 1998, though the engine was badged as Fondmetal.
Marc Gene was retained for his second season with Minardi. The second seat was originally filled by Brazilian driver Max Wilson, but he was replaced before the season started by Argentine Gaston Mazzacane, who brought additional sponsor funding. Fernando Alonso, the reigning Euro Open by Nissan champion, served as the team's test driver — an early glimpse of the talent that would later define a generation. Giorgio Vinella was also recruited as an additional test driver ahead of the European Grand Prix at the Nurburgring to support ongoing development.
The M02 was launched on 16 February 2000 at the Guggenheim Museum in Bilbao. Winter testing at Barcelona yielded encouraging signs: Gene set a lap time that placed him ninth overall for the week, ahead of Jordan, Jaguar, and Prost. Mazzacane was consistently around one second slower than his teammate throughout pre-season running.
The season opened promisingly for Gene, who qualified the M02 in 18th place and brought the car home in eighth, earning a respectable result against the midfield. Mazzacane qualified last at the opening race and retired on lap 40 with gearbox failure. The pair would trade retirements and occasional finishes through the first half of the year, with Monaco proving a low point when both cars failed to complete the race.
At the Belgian Grand Prix, Minardi marked their 250th Formula One start, commemorating the milestone with a dedicated sticker on the sidepods. The season's most dramatic moment came at the United States Grand Prix in Indianapolis, where Mazzacane briefly ran as high as third overall, ahead of reigning World Champion Mika Hakkinen, before ultimately retiring with engine failure — a tantalising glimpse of what the lower teams could achieve when attrition struck the front-runners.
Overall the M02 was firmly off the pace of the competitive midfield, and retirements outnumbered points finishes throughout the year. Neither driver scored a championship point. Nevertheless, Minardi's superior finishing record over Prost gave them tenth in the Constructors' standings, a result that carried meaningful financial consequences by qualifying the team for a portion of Formula One's commercial revenues in 2001.
Telefonica became Minardi's title sponsor for 2000, and their investment transformed the car's visual identity. The M02 ran in a striking fluorescent yellow finish, one of the most visually distinctive liveries of the era and a sharp contrast to the team's traditional dark colours. Telefonica's branding featured prominently across the bodywork throughout the season.
The M02 proved to be the final car produced under original Minardi ownership. Following the season, Gabriele Rumi sought to sell his 70 percent stake in the team. Sponsor PSN initially appeared set to purchase the share in September 2000, which would have kept Mazzacane in the seat, but the deal collapsed by November. Gene departed for Williams, taking title sponsor Telefonica with him, and Mazzacane followed PSN to Prost Grand Prix. Paul Stoddart ultimately acquired the team from Rumi, beginning a new chapter in Minardi's history.
The M02's indirect legacy extended beyond its own season through Fernando Alonso's test role. The young Spaniard's performances impressed enough for Minardi to sign him as a race driver for 2001, launching the career of a future two-time World Champion.