The first game of the series was released for Windows and PlayStation platforms in late 1997 in Europe, and in summer 1998 in the United States (as TOCA Championship Racing).

Whilst mainly an annual franchise update of cars and tracks, the game did add more detailed graphics, physics, multiplayer modes and other minor features.

The gameplay overall became more "arcadey" and the replacement of qualifying laps with random grid positions together with the omission of penalties for bad driving made the game much more playable for the casual gamer.

The game took the series in a new direction, and introduced a plot centering around fictional race driver Ryan McKane, trying to make a name for himself in a multitude of car championships.

It received good reviews, frequently being compared favourably to Gran Turismo 4 and Forza Motorsport, in the aspects of cars on track, damage and AI.