The series was publicly launched on 10 October 2018 in response to the persistent lack of female drivers progressing toward Formula One. Scottish businessman Sean Wadsworth served as the series' main financier; Catherine Bond Muir, a solicitor who had helped facilitate the sale of Chelsea F.C. to Roman Abramovich, was named CEO. Other shareholders included former formula-1 driver David Coulthard and engineer Adrian Newey. Former McLaren sporting director Dave Ryan became race director.
The 2019 season ran in support of the Deutsche Tourenwagen Masters at six European circuits, with all cars operated by Hitech Grand Prix. Prior to the season, 61 drivers were longlisted and evaluated to select 18 permanent drivers and two reserves. The series used the Tatuus–Alfa Romeo F3 T-318 car with Autotecnica Motori-tuned 1.8-litre turbocharged engines and a halo device. Hankook supplied tyres throughout all three seasons. Chadwick dominated proceedings from the opening round at the Hockenheimring and clinched the inaugural title at Brands Hatch with a 10-point margin over Beitske Visser.
From 2021, W Series became a support series to the formula-1 World Championship itself. The 2021 season featured eight races across circuits including the Red Bull Ring, Silverstone, Spa-Francorchamps, Zandvoort, and Austin; Chadwick defended her title with a 27-point winning margin. In 2022 the calendar expanded to ten races including double-headers at Miami and Mexico City, running alongside F1 at sixteen different circuits across Europe and North America. Chadwick won five times and secured her third consecutive title with a 50-point margin — the series' last championship before financial collapse.
All cars were mechanically identical, featuring carbon-fibre monocoque construction, 1,750cc DOHC inline-four single-turbocharged engines producing 270 hp, Hankook Ventus slick and wet tyres, and Sadev six-speed paddle-shift gearboxes. The championship was free to enter; a total prize fund of US$1.5 million was offered, with $500,000 to the champion. A chassis and engineer rotation system was used to maintain parity throughout each season.
After the 2022 Singapore round — which became the championship's final race — the remaining three events were cancelled citing financial difficulties. Company accounts showed net liabilities exceeding £7.5 million. In June 2023 the series entered administration; by August the last employee had been made redundant and 19 cars were scheduled for auction. Final debts totalled £23 million owed to 151 creditors. In July 2024, Formula E purchased the series' intellectual property rights for £110,000.
Jamie Chadwick moved into Indy NXT; Alice Powell became a television pundit and Alpine Academy mentor. Several alumni — including Marta García, Abbi Pulling, Nerea Martí, and Bianca Bustamante — competed in the FIA's F1 Academy series, with García winning its inaugural 2023 championship and Pulling winning in 2024. Beitske Visser and Sarah Bovy moved into the FIA World Endurance Championship. In November 2022, Formula One had announced the competing F1 Academy series, and W Series never returned.
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