The player is in charge of all the decisions regarding drivers, sponsors, budget management, chassis and engine improvements, tyres selection, among others, during the sixteen races comprised.

Formula One was one of the first games of its genre, following its predecessor Grand Prix Manager by Silicon Joy, and was in well received by critics.

With limited funds, the player is asked to hire up to two drivers (from a list of twenty four available), and prepare the race car(s).

After each race the player is awarded a money prize for participation and also an extra sum if its drivers rank in the top places.

The game is virtually endless, in the sense that after a season finishes a new one starts again, and the player has to hire new drivers, prepare new cars, and repeat the cycle of management.

The driver's skill level changes dynamically during the season, slowly increasing after each successfully finished race, or decreasing in case of accidents that force an early retirement from it.

[3] The gambling screen presents the list of drivers that are going to participate in the race to follow, as well as their respective winning odds.

There is in-game advertising for a number of companies, including Marlboro, Agip, Goodyear, Mobil, Fiat, Dunlop, and references to many of the sports's sponsors of the time, as well as the F1 teams themselves although the game did not have an official tie-in licence with FIA.

This did not generate income for the developers but adds to the realistic feel of the game, as all of the brands and companies advertised were involved in Formula 1 competition at the time.

Both ZX Spectrum and Amstrad CPC versions are very similar in all aspects, and the gameplay is not altered between ports, but some visual differences exist between them.

The ZX Spectrum attribute clash problem is also widely visible through the game, whereas in the Amstrad CPC it does not occur.

Also, on the race screen, the publicity stripe below the spectators is mostly red in the Amstrad CPC port while in the ZX Spectrum version it shows mostly yellow.

[6] When Alternative Software released Formula Grand Prix the packaging was the subject of potential legal proceeding by Codemasters.

As one of the first games of its genre, following Grand Prix Manager by Silicon Joy in 1984, Formula One received very positive reviews upon launch from several publications of its time.

Paul Bond of British magazine Your Computer awarded 4 stars stating that "the graphics are functional rather than brilliant".

"[9] A four stars ranking was also attributed by Computer Gamer magazine, mentioning that with up to six players simultaneously the game "could get quite exciting".

On the negative side, it was also pointed out a simple user interface issue, that if corrected would have proportioned a better experience to the players.