F 1, called "Formula One Championship" in Chinese, is the abbreviation of English Formula 1 Grand Prix. At present, the full name of this competition is "FIA Formula 1 World Championship". "Equation" actually means "rules and restrictions", because the F 1 race is built and carried out under the norms and rules formulated by the FIA, and all participating teams must abide by this equation.

Besides F 1, there are other formula racing competitions of different levels, such as F3, F3000, Ford Formula and Renault Formula. They all belong to formula racing, but the specifications are different, and F 1 is the highest level in the formula racing specifications formulated by the FIA, so it is named 1.