Formula 1 follows the 1995 Formula One season, with 17 tracks, 13 teams and 26 drivers. If a player is to complete a season after winning every race, and leading the Constructor's Championship, a special hidden circuit is unlocked. The track is a fictional lower-level city circuit called Frameout City, which when viewed at the Race Preview page is in the shape of a Formula One car. As there is no way of saving game data, the track is lost when the console is turned off.
Later tracks have 24 competitors on them instead of 26 because Simtek pulled out of the actual championship after the Monaco Grand Prix. It is still possible to drive a Simtek on any course after Monaco, creating a field of 25 drivers. If two players are playing the game via the link cable setup (where players would connect two PlayStation consoles together with two copies of the game), it is possible to play as both Simtek cars, thus creating a field of 26 drivers on any course after Monaco.