The 1972 European Formula Two Championship season was contested over 14 rounds mostly on circuits that were not among the European heats of the 1972 Formula One season, with only Österreichring being visited by both series. Several current F1 drivers took part, without collecting points towards the F2 Championship, namely Emerson Fittipaldi who won three F2 races just before also securing his first F1 World Championship.

British Mike Hailwood, a nine-time Grand Prix motorcycle World Champion in the 1960s, was the season champion, driving a Surtees-Ford.

Note:

Race 1, 3, 6, 9, 10, 11 and 12 were held in two heats, with results shown in aggregate.

Race 2, 4, 5, 7 and 13 were held with two semi-final heats and the final run, with time only shown for the final.

Race 2, 6, 7, 9, 11 and 14 was won by a graded driver, all graded drivers are shown in Italics.

Race 3 Bert Hawthorne was fatally injured in practice.

For every race points were awarded: 9 points to the winner, 6 for runner-up, 4 for third place, 3 for fourth place, 2 for fifth place and 1 for sixth place. No additional points were awarded. The best 10 results count. No driver had a point deduction.