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One of the world's most popular and premium sports, Formula 1 is the highest level of single-seater formula racing on the international stage. The Fédération Internationale de l'Automobile (FIA), which was founded on June 20, 1904, is the sanctioning body for Formula One. Formula One began as the World Drivers' Championship on May 13, 1950, in Silverstone in the United Kingdom. It was renamed the FIA Formula One World Championship in 1981.

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Grand Prix is a French phrase that roughly translates to "grand reward." The term "formula" refers to regulations that all competing teams must follow. Several Grand Prix races are hosted around the world throughout the season. A Formula One season is made up of all of these races. The races are held on FIA-graded "1" tracks. Hence, the moniker Formula One.

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The races are held on FIA-built and certified tracks. The majority of the tracks are in remote areas with excellent access to cities. Certain events like the British Grand Prix and the Singapore Grand Prix, for example, are held on closed public roads.

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To compete in a Formula One race, Formula 1 racers must have a valid Super Licence issued by the FIA. A points system is used to evaluate the performance of the drivers and the car manufacturers at the end of each race. The FIA adds up each driver's and constructor's points at the end of the season and awards two annual World Championships: one for drivers and one for constructors.