In an effort to cut costs during the COVID-19 pandemic, series organizers adopted a new format for both F2 and FIA Formula 3 for the 2021 season. Notably, each weekend comprised three races rather than two. The traditional feature race with the mandatory pit-stop was moved to Sunday morning, while on Saturday, there were two sprint races with reverse-grid formats based on the results of qualifying and Race 1 respectively. The extra race was made possible because F3 races were run on different weekends to F2, with the exception of the Sochi round, leaving more space in the timetable of each race weekend. But the large gaps between rounds—eight weeks between Rounds 1 and 2 and 4 and 5 and ten weeks between Rounds 6 and 7—made the format widely unpopular, and it has been changed for the 2022 season.
Prema Racing entered the championship as the reigning teams' champion.
The following teams and drivers are under contract to compete in the 2022 championship. As the championship is a spec series, all competitors race with an identical Dallara F2 2018 chassis with a V6 turbo engine developed by Mecachrome. Teams compete with tyres supplied by Pirelli.
Following the Bahrain round, Louis Delétraz was sacked from Charouz Racing System due to poor performances as well as the Swiss driver no longer intending to race in Formula 2. He was replaced by Pedro Piquet, who drove with the Czech outfit last season.
Numerous changes occurred before the Monza round. Alesi was required to attend his main campaign in the Super GT Championship and was replaced by Roberto Merhi who last drove with the team in 2018. Jack Aitken left HWA Racelab, who was injured during another racing competition. He was replaced by Sérgio Sette Câmara, who last drove for DAMS in 2019. Jake Hughes also departed HWA Racelab, citing his commitment in Formula 3 and Formula E. Enzo Fittipaldi stepped up from Formula 3's Charouz Racing System to replace him on a one-weekend deal.
Alesi returned to HWA Racelab for the Sochi round, replacing Fittipaldi as the Brazilian waa required to attend his clashing Formula 3 commitments.
The seventh round at the Jeddah Corniche Circuit saw five drivers promoted from the 2021 FIA Formula 3 Championship, with four making their Formula 2 debuts. Enzo Fittipaldi returned to Formula 2, and was promoted to Charouz Racing System to replace Pedro Piquet. MP Motorsport signed fourth-placed F3 finisher Clément Novalak to replace Lirim Zendeli, who left the team due to financial reasons. Zendeli subsequently moved over to Trident to replace Marino Sato who also struggled with budgetary issues. Third-placed F3 finisher David Schumacher took Roberto Merhi's seat at Campos. HWA Racelab featured an all-new lineup, hiring sixth-placed F3 finisher Logan Sargeant and 20th-placed Jack Doohan to replace both Giuliano Alesi and Sérgio Sette Câmara.