Von Trips was born into a noble Rhineland family in Cologne and grew up in a romantic moated castle in Horrem, near Kerpen. The son of an aristocratic household, he held the title of Reichsgraf — Count of the Free State of Prussia — and faced considerable responsibilities over the family's agricultural and fruit-growing estates. From 1951, he struggled to train as a qualified farmer while his true passion lay in motor racing. Despite managing diabetes throughout his career, which required him to keep high-sugar snacks on hand during races to regulate his blood sugar, he pursued racing with complete dedication.
Von Trips made his Formula One debut at the 1956 Italian Grand Prix with Ferrari, failing to qualify. He returned in 1957 for the Argentine, Monaco, and Italian Grands Prix, scoring his maiden podium at the latter event. Regular appearances followed in 1958, where he took another podium at the French Grand Prix, and he made two outings for Porsche in 1959 before rejoining Ferrari at the United States Grand Prix that season. Throughout 1960 he scored consistent points finishes, ending the year seventh in the championship.
The 1961 season brought von Trips to the peak of his abilities. Driving the nimble Ferrari 156 — the so-called Sharknose — he took his maiden Formula One victory at the Dutch Grand Prix and followed it with a second win at the British Grand Prix. By mid-season he led the World Drivers' Championship, with teammate Phil Hill pressing him closely. The two Ferrari drivers swapped the lead across multiple races, including at the Belgian Grand Prix at Spa where Hill won but von Trips finished second, leaving the title fight tantalizingly close.
Across his career, von Trips contested 29 World Championship Grands Prix, winning two races, claiming one pole position, achieving six podiums, and accumulating 56 championship points.
Beyond Formula One, von Trips was a formidable sports car competitor. In May 1961 he won the Targa Florio, a ten-lap, 721-kilometre race on Sicilian mountain roads, sharing a Ferrari with Olivier Gendebien at an average speed of 103 km/h. He also participated in various endurance events, building a reputation for versatility and consistency across different machinery and disciplines.
The 1961 Italian Grand Prix at Monza on 10 September became one of the most tragic days in motorsport history. On the second lap, approaching what is now known as Curva Alboreto, von Trips made contact with Jim Clark's Lotus while attempting to overtake. His Ferrari 156 became airborne, struck a barrier, and plunged into the spectator areas, killing fifteen people and fatally throwing von Trips from the car. He died before reaching hospital. The accident remains the deadliest in Formula One history in terms of spectator fatalities. Clark was initially accused of manslaughter; the charges were eventually dropped.
As a direct consequence, the FIA banned Formula One from circuits featuring steeply banked corners. Phil Hill, denied his championship rival, took the 1961 title by one point — a hollow victory in the shadow of catastrophe. Ferrari, having already secured the Constructors' Championship, withdrew from the remaining United States Grand Prix.
Von Trips left a particular mark on his home region. In 1961, the year of his death, he established a go-kart track in Kerpen that was later leased by Rolf Schumacher, whose sons Michael and Ralf would complete their earliest laps there before going on to careers in the sport. A 2007 German documentary about von Trips speculated that had he won the 1961 championship, he might have become as iconic in German motorsport as Michael Schumacher later became. At the time of his death he was 33 years old, standing on the threshold of what many believed would be the zenith of his career.