The 1962 Formula One season was the 16th season of FIA Formula One motor racing. It featured the 13th World Championship of Drivers, the 5th International Cup for F1 Manufacturers, and numerous non-championship Formula One races. The World Championship was contested over nine races between 20 May and 29 December 1962.

Graham Hill driving for BRM won his first Drivers' Championship when rival Jim Clark retired from the last race. BRM also won the Manufacturers' Championship for the first time, and it would be the only time.

Double World Champion Jack Brabham formed his own team and debuted the Brabham BT3 in the United States Grand Prix, becoming the first ever F1 driver to score championship points in a car bearing his own name.

Ricardo Rodríguez suffered a fatal crash during practice for his home race, the non-championship Mexican Grand Prix. He had been the youngest ever driver for Scuderia Ferrari, but also became the youngest ever F1 driver to die.

The following teams and drivers competed in the 1962 FIA World Championship. All teams competed with tyres supplied by Dunlop.

The Dutch Grand Prix hosted the season opener for the first time and was granted the honorary designation of European Grand Prix for this year. Lotus turned up with a revolutionary new chassis, the Lotus 25 being the first car built around an aluminium monocoque instead of a space frame. However, it was John Surtees who took pole position in the privately run Lola, ahead of Graham Hill for BRM. Lotus's Jim Clark qualified third, but this meant he had the inside line to the first corner and he managed to take the lead. Dan Gurney in the Porsche had a wonderful start from eighth to take third behind Hill and ahead of Surtees. The top three were steady in the opening phase, but then, both Clark and Gurney ran into technical troubles. Around the same time, the front wishbone broke on Surtees's Lola and he had a heavy crash but escaped unhurt. Graham Hill led away and scored the victory. Bruce McLaren (Cooper) was running second before he retired with a broken gearbox. Reigning champion Phil Hill (Ferrari) was running third at the time, inheriting second but later being overtaken by Trevor Taylor (Lotus).

Jim Clark scored his first career pole in the Monaco Grand Prix, ahead of Graham Hill and Bruce McLaren. But due to a confusing start procedure, it was Willy Mairesse in the Ferrari who went by, touching wheels with Clark and Hill in the process and locking up his wheels into the first corner. A chain reaction led to an accident with six drivers, three of whom retired on the spot. Mairesse took the lead but spun his car in the second hairpin, making the order at the end of the first lap: McLaren, Graham Hill, Phil Hill. McLaren was relegated back to second by lap 7, and then third by Clark, who was recovering from a bad start, was setting multiple fastest laps and started challenging Hill for the lead. On lap 55, however, his clutch gave out and he had to retire. But Hill was not yet out of the woods, with his BRM engine starting to smoke and McLaren, back in second, getting ever closer. On lap 93, Hill's engine gave up with a bang, although he still scored a point, as he was classified in sixth. McLaren was challenged by Phil Hill but held on to score his first win in two years. Lorenzo Bandini finished third in his first race for Ferrari.

The Belgian Grand Prix saw Graham Hill qualify on pole, ahead of McLaren, Taylor and home hero Mairesse. In the first phase of the race, those four were fighting over the lead in close combat and their relative positions changed all the while. Clark had started in twelfth, but joined the leading group. On lap 11, Clark set the fastest lap and took the lead, with teammate Taylor holding back their rivals. Clark held on to take the win, but getting up to the final corner of lap 26, Taylor crashed with Mairesse, the Lotus cutting down a telegraph pole and the Ferrari landing upside down on fire. Both drivers were flung out and suffered minor injuries. Graham Hill finished second, Phil Hill third. Ricardo Rodríguez came home in fourth, becoming the youngest F1 driver ever to score points. This record stood until Jenson Button broke it in the 2000 Brazilian Grand Prix.