Piquet grew up in Brasília in a household decorated by his father's three Formula One championship trophies, with racing a constant topic of conversation. He began karting at the age of seven or eight, winning three Brazilian karting championships during his formative years. He acknowledged a dual pressure and advantage in carrying the Piquet name: while it opened doors, it also created early scrutiny and unfair comparisons before his own identity as a driver could be established. His father's era of Formula One was so different in technical character that Nelson Piquet Sr. had limited ability to advise on the specifics of modern single-seaters; by contrast, Nelson Piquet Jr.'s more recent career served as a closer reference point.
Piquet made his single-seater debut in the 2014 Toyota Racing Series with M2 Competition, struggling in the first six races and finishing no higher than thirteenth before the season was cut short by licensing problems related to his age. He returned to the series in 2016 and 2017, finishing fifth and second respectively.
Returning to Brazil in 2014, Piquet entered the Fórmula 3 Brasil with Cesário F3 and produced a dominant season: eleven wins from sixteen races and the championship title. He retained the championship in 2015, winning fourteen of the sixteen races. Across the two seasons he recorded 25 victories from 32 races, establishing himself as one of the most prolific drivers in the category's history.
Piquet delayed his move to Europe by a year to complete his education, relocating initially to Amsterdam and later Monaco. He joined Van Amersfoort Racing for the 2016 and 2017 FIA European Formula 3 Championship, finishing nineteenth and fourteenth respectively. The transition to European circuits proved challenging, and he did not record a podium across either season.
He joined Trident Racing for the 2018 GP3 Series, winning races at Silverstone and Monza and finishing sixth overall. Remaining with Trident for 2019 when the series became the FIA Formula 3 Championship, he won at Spa-Francorchamps and finished fifth in the standings, helping Trident to fourth in the teams' championship.
Piquet stepped up to FIA Formula 2 with Charouz Racing System in 2020, partnered with Louis Delétraz. He scored his first points with seventh place in the Barcelona sprint race. He narrowly missed a podium at Sakhir, running third before a mechanical failure on the final lap denied him. He finished the season twentieth in the standings with just three points and departed at the end of the year citing financial reasons.
Alongside his single-seater career Piquet entered and won the Brazilian Porsche GT3 Cup Challenge in 2014. He also competed in one Global Rallycross Championship event, taking a podium, and made appearances in the Porsche Mobil 1 Supercup in 2015. In 2022 he made a guest start in the Stock Car Brasil.
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