It is run by the Institution of Mechanical Engineers and uses the same rules as the original Formula SAE with supplementary regulations.

A car from the previous year's Class 1 entry could be re-entered and re-engineered allowing the students to concentrate on the low carbon aspect of the competition without having to redesign a new chassis and ancillaries.

The cars are judged by industry specialists on the following criteria: The winner of the event is the team with the highest number of points out of a maximum of 1000.

The event was then held on the Go-Kart track at Bruntingthorpe Aerodrome between 2002 and 2006, before moving to Silverstone Circuit in 2007 where the competition remains until this day.

Formula Student partnered with Racing Pride in 2019 to support greater inclusivity across the British motorsport industry for LGBT+ fans, employees and drivers.

[4] Patron: Ross Brawn (former team principal of Mercedes Formula One team), Ambassadors of Formula Student include David Brabham, Paddy Lowe, Leena Gade, Dallas Campbell, Mike Gascoyne, The Lord Drayson, Baron Drayson (Former Minister of Science) and James Allison.