In Formula 1: Championship Edition, players select from 13 Formula 1 teams, 17 different circuits, and a variety of spec cars. To avoid crashes designed after real crash footage, players must navigate their car in and around the competition while maintaining high speeds. Gamers can select from three different modes of play including 'Training,' 'Single Race,' and 'Championship,' and then adjust such options as race length, skill settings, steer assist, brake assist, and sessions. Players can also adjust the setting of their cars and may choose to alter the gears, tires, suspension, brakes, and the front and rear down force. Two players can compete in split-screen multiplayer action.