The team's history traces back to the Jordan Grand Prix outfit, which first raced in 1991. Jordan achieved moderate success in the late 1990s, notably finishing third in the 1999 Constructors' Championship with two race victories that season. A period of decline followed, culminating in the team's sale to the Midland Group in 2005. It was renamed Midland F1 Racing for 2006 — a season in which it scored no points — before being sold again to Dutch sports car manufacturer Spyker Cars, which rebranded it as Spyker F1 for 2007.
After another difficult season, though the team scored its first point in over two years at the 2007 Japanese Grand Prix, Indian businessman Vijay Mallya purchased the entry. The team became Force India for 2008 and eventually achieved genuine competitiveness, taking a pole position at the 2009 Belgian Grand Prix, six podium finishes, and fourth place in the Constructors' Championship in both 2016 and 2017. Financial and legal difficulties surrounding Mallya led the team into administration during 2018. A consortium led by Canadian businessman Lawrence Stroll purchased Force India's assets under the entity Racing Point UK; because the original Formula One entry was non-transferable, the lineage begun by Jordan in 1991 formally ended. The new operation raced as Racing Point Force India for the second half of 2018 before becoming Racing Point for 2019.
Lance Stroll and Sergio Pérez were confirmed as Racing Point's drivers in November 2018. The team's car, the RP19, was unveiled in Toronto. Lead sponsor SportPesa, a Kenyan sports betting company, gave the team the official name SportPesa Racing Point F1 Team for the season. The team scored points at each of the first four races, including a double finish in Azerbaijan with Pérez sixth and Stroll ninth. After a difficult mid-season, the team's fortunes recovered with significant upgrades introduced at the Belgian Grand Prix. Pérez scored points in all but one of the remaining races, lifting Racing Point to seventh in the Constructors' Championship with 73 points. The season's best result came at the German Grand Prix, where Lance Stroll briefly led the race on strategy in wet conditions before finishing fourth.
SportPesa ended its title sponsorship, replaced by Austrian water technology company BWT. The 2020 car, the RP20, drew immediate controversy due to its strong resemblance to the Mercedes AMG F1 W10 EQ Power+ that had won the 2019 World Championship. A formal protest was filed by Renault after the Styrian Grand Prix specifically concerning the brake ducts, which regulations required teams to design themselves. Officials impounded ducts from both cars for investigation. Racing Point was ultimately fined €400,000 and docked 15 Constructors' Championship points following a ruling that upheld the protest.
The season brought the team's strongest results to date. Sergio Pérez was absent from the British and 70th Anniversary Grands Prix after testing positive for COVID-19, replaced on both occasions by Nico Hülkenberg. At the Italian Grand Prix, Lance Stroll took the team's first podium in third place. Stroll then claimed the team's first-ever pole position at the Turkish Grand Prix, where Pérez also reached the podium in second place. At the Sakhir Grand Prix, Pérez delivered the team's first ever race victory, with Stroll also finishing on the podium in third — marking the first win for any incarnation of this entry since Jordan's victory at the 2003 Brazilian Grand Prix.
Following Lawrence Stroll's acquisition of a 16.7% stake in Aston Martin, the team rebranded as Aston Martin F1 Team for the 2021 season.