Its best result was third-place for Bruce McLaren at the 1961 Italian Grand Prix.

Smaller and lighter than the T53, it was powered by the 170 hp (130 kW) naturally aspirated Coventry-Climax FPF four-cylinder engine driving through a new Cooper six-speed gearbox.

However, it would be unable to match the power of the new Ferrari 156 in the World Championship events, where McLaren's third place at Monza would be its best result.

The works team continued with the T55 at the start of 1962, along with the V8-powered T60, primarily driven by Brabham's replacement Tony Maggs, although McLaren used it in some non-championship events.

John Love then obtained one of the cars and campaigned with it in several South African events, including its last World Championship appearance at the 1965 South African Grand Prix.