Von Trips was born in Cologne in the Rhine Province, during the years of the Weimar Republic, into a noble Rhineland family. He was an aristocrat and a count. He grew up in a moated castle in Horrem (now part of Kerpen), where his family held substantial agricultural and fruit-growing lands. From 1951 he attempted to train as a qualified farmer but his true passion lay in racing. He was diagnosed with diabetes during his career and carried high-sugar snacks during races to manage his blood sugar levels.
Von Trips made his Formula One debut at the 1956 Italian Grand Prix with Ferrari but failed to qualify. He made further appearances in 1957 at the Argentine, Monaco, and Italian Grands Prix, scoring his maiden podium at Monza. He accumulated additional podium finishes in 1958, including at the French Grand Prix.
After two Formula One appearances for Porsche in 1959, he returned to Ferrari at the United States Grand Prix and scored regular points finishes throughout 1960, finishing seventh in the championship. In 1961 he came into his own as Ferrari fielded the technically superior 156 with its new V6 engine.
The 1961 season brought von Trips his two Formula One race victories. He won the Dutch Grand Prix at Zandvoort for his maiden win, followed by victory at the British Grand Prix. By the summer, he was leading the World Drivers' Championship ahead of American Ferrari teammate Phil Hill.
Away from Formula One that year, von Trips also won the Targa Florio — the ten-lap, 721-kilometre Sicilian road race — in May 1961, sharing his Ferrari with Belgian driver Olivier Gendebien and averaging 103.42 km/h over the demanding course.
In 1961 von Trips also established a go-kart track in Kerpen, Germany, on land near his family's castle. The circuit was later leased by Rolf Schumacher, whose sons Michael and Ralf would make their first laps there before going on to Formula One careers.
The 1961 Italian Grand Prix on 10 September 1961 proved fatal for von Trips and 15 spectators. On the second lap at Monza, von Trips and Jim Clark made contact on the long straight approaching what is now Curva Alboreto. Von Trips lost control of his Ferrari 156 and it went airborne, crashing into a fence at high speed behind which spectators were closely packed. Von Trips was thrown from the car and died before reaching hospital. Clark's car was subjected to investigation and Clark was initially accused of manslaughter before the charges were dropped.
The death toll from the accident remains the highest in the history of Formula One. In its aftermath, the FIA prohibited Formula One from competing on circuits with steeply banked corners. Ferrari, having already secured the World Constructors' Championship, withdrew from the remaining United States Grand Prix. Phil Hill, who finished second at Monza while von Trips had already been confirmed dead, took the Drivers' Championship by one point from his deceased teammate.
Von Trips participated in 29 Formula One World Championship rounds, winning two races, claiming one pole position, and finishing on the podium six times. His career total of 56 championship points understates the full arc of his ability, which only reached its peak in the final season of his life. A 2007 German documentary film about his career noted that had von Trips won the 1961 championship, he would have become as famous in Germany as Michael Schumacher later became — "a kind of second miracle in Bern."