The 1954 Formula One season was the eighth season of FIA Formula One motor racing. It featured the 1954 World Championship of Drivers. 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 (making him the only driver in F1 history to win a championship driving for more than one team in the same season). Argentine drivers gained the first two positions in the championship, with José Froilán González placing second to his compatriot Fangio.

With Formula One changing to 2.5 litre unsupercharged engines for 1954, Mercedes re-entered Grand Prix racing for the first time since the Second World War at the French Grand Prix with the Mercedes-Benz W196, a streamlined single seater which Fangio and Karl Kling took to a 1–2 win. Fangio's French success had come after switching from the Maserati team, with whom he had won the first two Grands Prix of the season. Although the streamlined, closed-wheel body proved unsuitable for Silverstone, Mercedes produced a more conventional open-wheel body for the Nürburgring race; Fangio won three of the remaining four races.

Reigning champion Alberto Ascari had a less successful switch of teams, choosing to leave Ferrari for the newly formed Lancia team. Lancia's car, the D50, was not ready until the final World Championship race, meaning he had to sit out most of his title defence.

Argentine Onofre Marimón was killed during practice for the German Grand Prix driving a Maserati 250F. It was the first fatality at a championship Formula One race weekend.