Project F is a managerial simulation that puts the player in the role of the owner of a Formula 1 company. The player is responsible for paying salary to managers, mechanics, and other members of the staff; it is possible to raise or lower the salary, which may lead to various consequences depending on the employee's personality. Then the player makes contract with one or more drivers, selecting them from a list. Car customization plays an important role. Gasoline, engines, chassis, wheels, tires, brakes, and other components must be purchased from manufacturers of the player's choice.

The racing competition itself is non-interactive. Tournament events follow depending on its schedule, and the player simply watches how the race unfolds and ends according to the participants' parameters. Brand and player names in the game resemble real ones, but have been slightly altered for copyright reasons.