The 1972 Formula One season was the 26th season of the FIA's Formula One motor racing. It featured the 23rd World Championship of Drivers, the 15th International Cup for F1 Manufacturers. The World Championship season commenced on 23 January and ended on 8 October after twelve races.

For 1972 Team Lotus focused again on the type 72 chassis. Imperial Tobacco continued its sponsorship of the team under its new John Player Special brand. The cars, now often referred to as 'JPS', were fielded in a new black and gold livery. Lotus took the championship by surprise in 1972 with 25-year-old Brazilian driver Emerson Fittipaldi who became the youngest World Champion at that point. Stewart came second in the championship.

This was the first year where all the races were run on circuits with safety features on them, and considerable progress had been made since 1968, the last year where all races were run on circuits with no safety features.

The British Racing Motors (BRM) team took its last victory when Jean-Pierre Beltoise won the rain-affected 1972 Monaco Grand Prix in a BRM P160.

The Dutch Grand Prix was cancelled this year because of safety arrangements that were not completed for the race. It was supposed to be held between the Belgian and French Grand Prix's at the usual location, Zandvoort. Also, a second American motor race called the United States Grand Prix West, originally supposed to be held in April at the Ontario Motor Speedway near Los Angeles, was cancelled. The Mexican Grand Prix was scheduled to be the last race of the championship, but it was cancelled after local interest dissipated after the death of Pedro Rodríguez.