The 1995 FIA Formula One World Championship was the 49th season of FIA Formula One motor racing. It featured the 1995 Formula One World Championship for Drivers and the 1995 Formula One World Championship for Constructors, which were contested concurrently over a seventeen-race series that commenced on 26 March and ended on 12 November. Michael Schumacher won his second consecutive Drivers' Championship, and Benetton won the Constructors' Championship, the first and only Constructors' title for the Benetton team.

Schumacher won nine races en route to the championship, equalling the record set by Nigel Mansell in 1992. He also continued his rivalry with Williams-Renault driver Damon Hill, including collisions at the British and Italian Grands Prix. Both these races were won by Schumacher's Benetton teammate Johnny Herbert, taking his first two F1 victories. Hill's Williams teammate, David Coulthard, claimed his first victory in Portugal, while Ferrari's Jean Alesi achieved his only F1 victory in Canada. Just like Honda in 1988, Renault engines won all but one race in this season.

The 1995 F1 season featured several dramatic incidents, including seven Grands Prix affected by rain and four Grands Prix which were red-flagged on the first lap of the race.

The Formula One regulations underwent several changes prior to the 1995 season. The most significant change was to the engine capacity, which was reduced from 3.5 litres to 3.0 litres in order to reduce horsepower. Higher sidepods were required, together with raised cockpit side protection (above shoulder height; to be raised even more for 1996) and a larger cockpit opening than that of the 1994 cars. The front and rear wings were reduced in depth to lessen downforce, thereby reducing cornering speeds. To further reduce downforce, the flat-bottomed undertray which was made mandatory in 1983 was to now feature a large "stepped" section underneath each sidepod, raised about an inch higher and parallel to the wooden plank originally introduced in 1994. The overall height of the car was also lowered. Deformable structures, particularly the sidepods and nose section, were subject to more stringent crash testing. Many of these changes were in reaction to the deaths of Roland Ratzenberger and Ayrton Senna at the 1994 San Marino Grand Prix, who both died of head and neck injuries. Some of the circuits were also changed, with larger run-off areas featuring at tracks such as Monza and Imola.

The Benetton team had Renault V10 engines for the first time, after running Ford V8s for several years. Michael Schumacher won nine out of the seventeen Grands Prix, and won his second World Championship. Schumacher's main title rival was Damon Hill, who was driving for Williams-Renault. Hill and Schumacher were involved in some very close battles at numerous races, including at the 1995 Belgian Grand Prix, where the two championship contenders fought wheel-to-wheel for extended periods. Making its last appearance in F1 to date was the V12, used consistently by Ferrari since the 640 in 1989. They would use V10s in 1996.

Damon Hill received criticism during 1995, after several incidents that were attributed to driving errors. The 1995 British Grand Prix was overshadowed by a controversial collision between Hill and Schumacher, and Hill was widely blamed for the accident. Hill also suffered with mechanical problems in his Williams-Renault.

Jean Alesi won the 1995 Canadian Grand Prix, which was his first and only victory in Formula One. Alesi also nearly won the European, Italian and Japanese Grand Prix, only being passed by Schumacher with a few laps to go in the former, and retiring with a wheel bearing and driveshaft failure in the latter two, respectively.

Nigel Mansell made a brief return to Formula One with McLaren. The McLaren-Mercedes cockpit was initially too small for Mansell, and he had to miss the first two races whilst McLaren redesigned the monocoque. His eventual return for the 1995 San Marino Grand Prix was disappointing, and he was outpaced by Häkkinen. After another disappointing race at the Spanish Grand Prix Mansell and McLaren parted ways, and Mark Blundell drove the second McLaren for the remainder of 1995. Mika Häkkinen suffered serious head injuries after a high-speed crash during the first qualifying session on the Friday of the 1995 Australian Grand Prix. The fast actions of the medical crew, including performing an emergency tracheotomy, saved his life, and he later returned to the track in 1996. Later that year, Mansell revealed that he intended to "fight for the championship with Williams", but the Williams team chose David Coulthard instead.

One of the rookies for 1995 was Taki Inoue who drove for Footwork Arrows. During the first qualifying session for the 1995 Monaco Grand Prix his car stalled on the track, and the session was stopped in order to recover the car. A course car driven by Jean Ragnotti was travelling too fast and Ragnotti was unsighted by the barriers on the twisty circuit. Ragnotti's car crashed into Inoue's stranded car, flipping the Arrows. Inoue was knocked unconscious but he recovered and took part in the race on Sunday. At the 1995 Hungarian Grand Prix Inoue's car retired with a mechanical problem. He got out of his car and grabbed a fire extinguisher in order to put out a small fire on his car. Inoue then walked into the path of a course car, and was knocked over. Inoue bounced off the front of the car and collapsed on to the grass. He suffered minor leg injuries.