The FW14 lineage began in 1991 when Newey, who had joined Williams from March in mid-1990, penned an entirely new chassis around the 3.5-litre Renault V10 developed by Bernard Dudot. The original FW14 was technically advanced for its time and competitive enough to win seven races that year, but reliability issues with the new semi-automatic gearbox allowed Ayrton Senna and McLaren to claim both championships. Over the winter, Williams undertook an intensive development programme that transformed the car into the FW14B.
The B-specification car added active suspension designed by Frank Dernie, traction control, and — for a brief period during the season — anti-lock brakes. The active suspension was the most consequential upgrade: it allowed the car to maintain optimal aerodynamic ride height regardless of fuel load or circuit surface, generating consistent levels of downforce that passive-suspension rivals could not match. The most visible external difference from the original FW14 was a pair of bulbous protrusions above the front pushrods, which housed the active suspension hardware. The FW14B also featured a lengthened nose section compared to its predecessor.
The combination of Newey's aerodynamics and the electronically managed suspension created a car that was measurably superior in nearly every condition. In many races during the early laps, Mansell and Patrese would pull two seconds per lap clear of the chasing pack, a margin rarely seen in the modern era. At the 1992 British Grand Prix qualifying session at Silverstone, Mansell's pole position lap was a full two seconds faster than Patrese in second, who was himself a second ahead of Ayrton Senna in third.
Mansell dominated from the opening round and wrapped up the Drivers' Championship with a then-record nine victories across the season. His championship win was so comprehensive that the initially planned successor — the FW15 — was available mid-season 1992 but never raced because the FW14B remained quick enough to make any change unnecessary. Patrese added a further victory at the Japanese Grand Prix, giving Williams ten wins in the season. The team were clear winners of the 1992 Constructors' Championship.
Despite the success, the season ended in internal acrimony. Alain Prost was signed for 1993, prompting Mansell to leave the team entirely. Patrese also departed, joining Benetton for his final season in the sport. The planned FW15 was replaced by the even more sophisticated FW15C for 1993.
Across both the FW14 and FW14B specifications, the car accumulated 17 Grand Prix victories, 21 pole positions, and 289 points before being replaced. The FW14B is widely considered one of the most technologically advanced cars ever to race in Formula One; current regulations explicitly ban the active suspension and many other systems it pioneered. Its successor, the FW15C, was also laden with advanced electronics but never raced before new regulations outlawed those systems.
Six FW14B chassis were constructed, continuing the numbering from the original FW14 (serial numbers 6 through 11). In 2020 it was revealed that Sebastian Vettel had acquired Nigel Mansell's championship-winning car, chassis number 5. A separate FW14B chassis (FW14/8) was sold at the Bonhams Goodwood Festival of Speed auction in July 2019 for £2,703,000. In June 2017, Karun Chandhok drove a FW14B at Silverstone as part of Williams's 40th anniversary celebrations — the first time the car had turned a competitive lap since 1992.
The FW14B has appeared as a classic car in multiple Codemasters Formula One video game titles, beginning with F1 2013. A Lego Icons set (number 10353) featuring the car alongside a Nigel Mansell minifigure was released in March 2025.