Formula One originated from the World Manufacturers' Championship (1925–1927) and European Drivers' Championship (1931–1939). The first world championship race took place at Silverstone Circuit in the United Kingdom on 13 May 1950. A Constructors' Championship was added in the 1958 season. Before World War II, several Grand Prix racing organisations made suggestions for a new championship, but it did not become formalised until after the war.
The first major technological development in the series was Bugatti's introduction of mid-engined cars, with Jack Brabham proving their superiority and prompting all teams to switch by 1961. The Ferguson P99, a four-wheel drive design, was the last front-engined Formula One car to enter a world championship race in 1961. In 1962, Lotus introduced a car with an aluminium-sheet monocoque chassis, a breakthrough in car design. Sponsorship was introduced in 1968 with Team Gunston, followed by Lotus and Imperial Tobacco's Gold Leaf livery. Aerodynamic downforce gained importance in 1968 with the introduction of wings by Lotus. Later, Lotus introduced ground-effect aerodynamics in the late 1970s, greatly increasing cornering speeds.
Beginning in the 1970s, Bernie Ecclestone rearranged the management of Formula One's commercial rights, transforming the series into a multi-billion dollar business. He persuaded teams to negotiate as a group through FOCA. The formation of the Fédération Internationale du Sport Automobile (FISA) in 1979 led to the FISA–FOCA war over television revenues and technical regulations. This resulted in the 1981 Concorde Agreement, guaranteeing technical stability. The ban on ground-effect aerodynamics came into effect in 1983, while turbocharged engines became essential for competitiveness. By 1986, a BMW turbocharged engine achieved a flash reading of 5.5 bar of pressure, estimated to be over 970 kW (1,300 bhp).
The rivalry between Ayrton Senna and Alain Prost became central to F1 in the late 1980s and early 1990s. Senna died at the 1994 San Marino Grand Prix after crashing into a wall, and Roland Ratzenberger also died in an accident during Saturday qualifying that weekend. Following these tragedies, the FIA used safety as a reason to impose rule changes.
A major rule change in 2014 saw the introduction of 1.6-litre turbocharged hybrid power units. Mercedes emerged as the dominant force, with Lewis Hamilton winning the championship. In 2021, Red Bull, powered by Honda, began to seriously challenge Mercedes, with Max Verstappen winning the Drivers' Championship after a season-long battle.
Michael Schumacher and Ferrari won five consecutive Drivers' Championships and six consecutive Constructors' Championships. In 2006, Renault and Fernando Alonso won both titles again. Schumacher retired at the end of 2006 but returned for the 2010 season with Mercedes.
A Formula One Grand Prix event spans a weekend, beginning with free practice sessions on Friday and Saturday, followed by a qualifying session. The race begins with a formation lap and is started by the extinguishing of five red lights. Races can be paused or ended early if conditions become unsafe, and may be run behind the safety car.
To curb the growing advantage of wealthier teams, the FIA introduced a cost cap of $175 million in 2021, later reduced to $135 million. Critics have argued that the cap might not be sufficient as it excludes driver salaries and other expenses, but it has encouraged efficiency and innovation.
The FIA and Formula One are attempting to create new regulations to lower costs for teams and promote sustainable development. Liberty Media announced their vision for the future of Formula One in 2018, focusing on cost-effectiveness and attracting new manufacturers.