The magazine's genesis was inspired by the sport's peak in popularity following the death of Ayrton Senna, and high-profile rivalry between Michael Schumacher and Damon Hill.

Two business decisions in particular made the new title feasible: Haymarket's focus on agreeing annual (rather than monthly or ad-hoc) deals with advertisers, and its publication of a German edition to capitalise upon Schumacher's popularity.

In July 2005, F1 Racing celebrated its one hundredth issue; it continues to publish in over twenty countries, and claims the title "The World's Best-Selling Grand Prix Magazine".

From the March 2006 issue to the February 2007 of F1 Racing, Max Mosley, then president of the FIA, had a monthly column in the magazine.

In February 2020 it was announced that the magazine would no longer licence the F1 trademark and that from the March 2020 issue it would be renamed GP Racing.

At the 1997 Austrian Grand Prix, Darren Heath, an F1 Racing photographer, noticed that the rear brakes of the McLarens were glowing red in an acceleration zone of the track.