F1 Circus CD is a Formula 1 racing game featuring an official FIA license. The game features a first-person driver's view perspective, and is the only title in Nichibutsu's long-running franchise to feature neither the original top-down view nor the bird's eye view introduced in Super F1 Circus 2. The game includes four different race modes:

- Exhibition gives the choice of five different types of F1 cars from the '60s through to the '90s, which can be driven on the Tokyo GP course.
-Test Drive gives the choice of any team from the 1991-1993 seasons, and two dozen different courses to freely practice or run as a time trial.
- Formula Mega lets the player start on the Formula 1 circuit as a new driver, working their way up the ranks by winning races and using the earnings to upgrade and purchase vehicles.
- F1 World Championship is the main feature, and lets the player take part in a grueling 16-race season, attempting to win the world championship.