The PS01's chassis designation reflected its circumstances: PS stood for Paul Stoddart, who acquired a 70 percent stake in Minardi from shareholders Gabriele Rumi and team founder Giancarlo Minardi on 30 January 2001 — just weeks before the first race of the season. Former Tyrrell team principal Rupert Mainwaring was brought in to manage the operation, with the Italian division led by experienced Minardi employee Frederic Dhainaut.
The build process was fraught. A contract with Supertec for engine supply had collapsed, leaving Brunner to redesign the PS01 four times as the engine situation remained unresolved. A planned partnership with Fondmetal, which had previously provided aerodynamic resources, ended at the conclusion of 2000, forcing the team to bring design work in-house. One car was still being assembled in the garage when the season opened in Melbourne.
The shakedown took place on 21 February at the Autodromo di Vairano, and the PS01 was formally launched on 28 February 2001 at Parliament House, Melbourne.
Tarso Marques returned to Formula One after an absence since 1997. Fernando Alonso, a 19-year-old Spaniard who had graduated from Formula 3000, joined as the other race driver under a long-term contract with Flavio Briatore's management operation. Marques was eventually replaced from the Italian Grand Prix onwards by Alex Yoong, who became Malaysia's first Formula One driver.
Despite the chaotic preparation, the PS01 performed adequately at the back of the field. Alonso showed immediate pace, consistently out-qualifying Marques and running competitively against the lower midfield. His best result with the car came at the German Grand Prix, where he finished tenth after making progress through the field following a first-lap accident stoppage.
Marques achieved two ninth-place finishes across the season — at the Brazilian and Canadian Grands Prix — despite handling problems and mechanical failures characterising much of his campaign. The team scored no championship points and were unclassified in the Constructors' Championship.
A revised specification, the PS01B, was introduced from the Belgian Grand Prix onwards, featuring a revised rear end and titanium gearbox with updated rear suspension. Marques first tested this specification at the Hungarian Grand Prix.
Brunner departed the team in May 2001 to become chief designer at the new Toyota Formula One project. Technical coordinator Gabriele Tredozi stepped up as technical director.
The PS01 ran in a predominantly black livery, replacing the telephone-branded scheme of previous seasons. Main sponsors included Stoddart's European Aviation operation and Malaysian gambling company Magnum, the latter connection linked to Alex Yoong's arrival at the team.
On 21 August 2001, Minardi held a Thunder in the Park event at Donington Park using a fleet of eight two-seater PS01-based cars. Notable participants included Nigel Mansell, Fernando Alonso, Alex Yoong, Tarso Marques, and team boss Paul Stoddart. A demonstration race between five of the two-seaters ended dramatically when Mansell's car collided with Alonso's.
The PS01 is remembered primarily as the car in which Fernando Alonso began his Formula One career, serving as his apprenticeship before he went on to win back-to-back World Championships with Renault in 2005 and 2006. The season also marked the beginning of Paul Stoddart's stewardship, which would extend the Minardi name through to 2005 before the team was sold to Red Bull and rebranded as Scuderia Toro Rosso.