The 1954 Formula One season was the eighth season of FIA Formula One motor racing. It featured the 1954 World Championship of Drivers, and several non-championship races. The World Championship of Drivers was contested over a nine-race series which commenced on 17 January and ended on 24 October 1954. The championship was won by Juan Manuel Fangio, who drove, and won races for both Maserati and Mercedes-Benz throughout the series. Argentine drivers gained the first two positions in the championship, with José Froilán González placing second to his compatriot Fangio.

Formula One, commonly known as Formula 1 or F1, is the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération Internationale de l'Automobile (FIA). The FIA Formula One World Championship has been one of the world's premier forms of racing since its inaugural running in 1950. The word formula in the name refers to the set of rules all participants' cars must follow. A Formula One season consists of a series of races, known as Grands Prix. Grands Prix take place in multiple countries and continents on either purpose-built circuits or closed public roads.