Formula One, abbreviated to F1, and also known as Grand Prix racing, is the highest class of auto racing . The "formula" in the name is a set of rules which all participants and cars must meet. The F1 world championship season consists of a series of races, known as Grands Prix, held usually on purpose-built circuits, and in a few cases on closed city streets. The results of each race are combined to determine two annual World Championships, one for drivers and one for constructors.

It is a massive television event, with millions of people watching each race in 200 countries. The cars race at high speeds, often greater than 320 km/h. The performance of the cars is highly dependent on electronics, aerodynamics, suspension and tyres. The formula has seen many evolutions and changes through the history of the sport.

Europe is Formula One's traditional centre and remains its leading market. However, Grands Prix are held all over the world and, with new races in Bahrain, China, Malaysia, Turkey and the United States since 1999, its scope continues to expand with India being a possible venue in 2009. Of the 17 races in 2007, 9 are outside Europe. As the world's most expensive sport, its economic effect is significant, and its financial and political battles are widely observed. Its high profile and popularity makes it an obvious merchandising environment, which leads to very high investments from sponsors, translating into extremely high budgets for the constructor teams. In recent years several teams have gone bankrupt or been bought out by other companies.