Formula racing is a term that refers to various forms of open wheeled single seater motorsport. Its origin lies in the nomenclature that was adopted by the FIA for all of its post-World War II single seater regulations, or formulae. The best known of these formulae are Formula One, Formula Two, and Formula Three. Common usage of "formula racing" is now more generic and encompasses most single seater series, including the GP2 Series, which replaced Formula 3000.

Categories such as Formula Three and GP2 are described as feeder formulae, which refers to their position below Formula One on the career ladder of single seater motor racing. There are two principle types of racing formula: the open formula that allows a choice of chassis and/or engines; and the control or "spec" formula that relies on a single supplier for chassis and engines. Formula Three is an example of an open formula, while Formula BMW is a control formula.