[1] The game is the twelfth main series installment in the franchise, and it features the twenty-two circuits, twenty drivers and ten teams proposed in the provisional 2020 Formula 1 World Championship.

[7] The player will initially need to choose an engine supplier, recruit a second driver, design a livery and sign sponsors.

As the career mode progresses, they will be able to upgrade the facilities at their team's headquarters and hire staff to continue development.

When playing in Formula 1, players can choose between three different season lengths of ten, sixteen or twenty-two races.

[11] The experience score provides additional 'resource points' to enable the player to upgrade their car faster in the "My Team" and "Career" modes, racecraft relates to the effectiveness of the driver's attempts at overtaking, a higher awareness score improves the ability of the driver to maintain control of their car in difficult situations and pace relates to the driver's ability to set quick lap times.

[11] Podium Pass is new to F1 2020 and allows players to unlock cosmetic items, such as liveries, race suits and celebration animations, all of which are new to the F1 games.

[13] Codemasters released an update in December that recreates the 2020 Formula 2 Championship, with Mick Schumacher becoming champion.

The game reached number one in the United Kingdom sales charts, displacing The Last of Us Part II which fell to third place.