A version was released in 1990 for the Game Boy in Japan and in 1991 in Europe and North America, including the Four Player Adapter for four-player gameplay.

Several Nintendo characters appear at the end of race circuits for the Game Boy version: Mario, Luigi, Princess Peach, Toad, Bowser, Link, Samus, Pit and Donkey Kong.

The player can activate a temporary speed boost by holding up on the D-pad, replacing the low-high gear setting from the Famicom version.

[3][4] Production began shortly after the completion of Golf, and lasted alongside several other Famicom games such as Pinball, Mach Rider, and Balloon Fight.

[4] It was developed based on Iwata's personal love for racing games, which influenced later Nintendo projects such as the F-Zero and Mario Kart series.

A Game Boy version of F1 Race was published in Japan on November 9, 1990, in North America on February 3, 1991, and in Europe on October 10 of the same year.