Based on the 2001 Formula One season, GP4 is a graphical and physics update from the previous version, Grand Prix 3, which was released in 2000.

Grand Prix 4 featured a heavily revised graphics engine and updated physics, including wet weather driving: Although the game could be considered a relatively modest commercial success, the chances of a further entry to the series could be considered slim to none because MicroProse's parent company Infogrames dissolved the developer shortly after the game's release.

In addition, the Sony Computer Entertainment brand's exclusive licensing deal for Formula One games rules out an update with official stats.

[6] Much like its predecessors, Grand Prix 4 continues to garner a strong modding community long after its launch, with numerous non-Formula One racing series, such as Champ Car and the IMSA SportsCar Championship, and Formula One seasons, including the recent 2024 season, being represented in the game by dedicated modders.

[19] It was also a runner-up for GameSpot's annual "Best Driving Game on PC" award, losing to Rally Trophy.