The RB16 was based on its predecessor the RB15, as technical regulations were largely unchanged for 2020. It featured a narrower nose with two additional inlets at its front, a redesigned barge-board area, smaller side-pod inlets, and a large cape element below the nose — bodywork popularised by Mercedes in 2017 but not yet adopted by Red Bull. Parts of the rear suspension were raised, and the rear wing gained two supporting pillars compared to the predecessor's one. Team principal Christian Horner stated the intent of the redesigned front multi-link suspension was to improve performance in low-speed corners.
For 2021, the COVID-19 pandemic prompted a delay of new technical regulations, and under an agreement between teams and the Fédération Internationale de l'Automobile, 2020-specification cars including the RB16 saw their lifespan extended. Red Bull used its development tokens to change the shape of the gearbox casing, allowing a rearrangement of the rear suspension and a significant increase in rear downforce, producing the updated RB16B chassis.
Honda had initially planned to delay its all-new power unit to 2022 due to the pandemic, but after deciding to leave the sport at the end of 2021, it brought the new design forward to that season in a bid to beat Mercedes and win the championship in its final official year. This gave Honda only six months to complete the design, with a risk of reliability issues.
The RA621H was Honda's biggest change since 2017. It featured a more compact camshaft layout placed lower, a different valve angle, and shorter cylinder bore spacing compared to the previous RA620H. These changes altered the combustion chamber shape and airflow characteristics, producing a significantly smaller engine with a lower centre of gravity. Honda considered it even smaller than the size-zero design used with McLaren when Honda returned to the sport in 2015, while delivering improved performance. Additional features included a method to increase internal combustion engine output without reducing MGU-H output, turbine and compressor modifications, and new cylinder block plating from Honda's Kumamoto motorcycle mass production facility to improve durability.
At the 2021 Turkish Grand Prix, the RB16B and drivers' overalls carried a red and white livery inspired by the colours Honda used when winning their first Formula One race, the 1965 Mexican Grand Prix. The livery had originally been intended for Honda's home race, the Japanese Grand Prix, which was cancelled due to the COVID-19 pandemic.
The RB16 had been planned to debut at the 2020 Australian Grand Prix but that race was cancelled and the next three events in Bahrain, Vietnam, and China were postponed due to the COVID-19 pandemic. The car made its debut at the 2020 Austrian Grand Prix, where Verstappen and Albon started second and fourth respectively, but both retired with electrical failures. Verstappen scored several podiums including a victory at the 70th Anniversary Grand Prix at Silverstone Circuit, but the car was generally no match for Lewis Hamilton and the Mercedes F1 W11 as Mercedes retained the Constructors' title and Hamilton the Drivers' Championship. Albon scored two podiums against Verstappen's eleven including two wins. Verstappen closed the season with a dominant victory at the Abu Dhabi Grand Prix, Red Bull's first win at that circuit since 2013. Red Bull finished second in the Constructors' Championship, with Verstappen third and Albon seventh in the Drivers' standings.
The RB16B debuted at the 2021 Bahrain Grand Prix, where Verstappen qualified first and finished second while Pérez qualified eleventh and finished fifth. Verstappen consistently outperformed Pérez throughout the season, scoring ten wins and eighteen podiums against Pérez's one win and five podiums. Verstappen fought for the Drivers' Championship against Lewis Hamilton across the entire season, winning it on the final lap of the Abu Dhabi Grand Prix after a late-race restart caused by a crash from Nicholas Latifi. Pérez finished fourth in the Drivers' Championship. Despite Verstappen's title, Red Bull again finished second in the Constructors' Championship, this time 28 points behind Mercedes.
Across 39 races, the RB16 and RB16B together won 13, a success rate of 33.33%. The RB16B became the first non-Mercedes car to win any championship since 2013. Honda became the first Japanese and Asian engine supplier to win the Formula One World Championship in the turbo-hybrid era. The 2021 season produced two championship cars: Red Bull won the Drivers' Championship and Mercedes won the Constructors' with the Mercedes-AMG F1 W12.
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