The Ferrari F300 was a competitive and reliable car, however it was still aerodynamically inferior to the McLaren MP4/13. Despite this, Michael Schumacher battled his way to second place in the world championship behind Mika Häkkinen. Ferrari also finished as runners-up in the constructors' championship. The car was an excellent base for the dominance which Ferrari would achieve in the following seasons.
As with all Formula 1 cars, the F300 was heavily and consistently revised during the 1998 season. At the Argentine Grand Prix, a wider front tyre from Goodyear was introduced which significantly improved the handling of the car. "X-wings" were introduced at the San Marino Grand Prix, but were later banned due to safety reasons. A longer wheelbase version of the car was introduced for the German and Belgian Grands Prix and a new spec engine was also designed for the title-deciding Japanese GP. The most significant upgrade to the car, however, was introduced at the Canadian GP, where it received a new diffuser, new rear body panels, a new delta-shaped front wing and top exiting exhausts, the latter of which improved cooling and aerodynamics of the car which was so effective that many other teams copied the design.