The 1972 Formula One season was the 26th season of the FIA's Formula One motor racing. It featured the 23rd World Championship of Drivers, the 15th International Cup for F1 Manufacturers, and numerous non-championship Formula One races. The World Championship commenced on 23 January and ended on 8 October after twelve races.

Emerson Fittipaldi, driving for Lotus, won his first World Championship, becoming the youngest World Champion to date at 25 years. This record stood for 33 years until Fernando Alonso won his first title in 2005 at the age of 24. Fittipaldi won five races (more than any other driver during the season) and clinched the title by virtue of winning the Italian Grand Prix with two races to spare. Reigning champion Jackie Stewart came second in the championship, while Denny Hulme placed third. The Lotus team, still reeling from the death of their 1970 champion Jochen Rindt, had fallen to a disappointing fifth in the standings at the end of 1971, but kept developing their innovative Lotus 72 "wedge" design to take a surprise championship victory. The car sported a striking black and gold livery for their sponsor Imperial Tobacco had introduced a new brand of John Player Special cigarettes.

The British Racing Motors (BRM) team took its last victory when Jean-Pierre Beltoise won the rain-affected 1972 Monaco Grand Prix in a BRM P160.

Six-times 350cc/500cc champions and 1964 World Championship John Surtees retired after the end of season.

The following teams and drivers contested the 1972 World Championship.

Safety was becoming a serious talking point in F1. Since 1969, circuits had started installing some safety features. 1972 was the first season in which all the visited tracks were up to the mandatory safety standards. The official Circuit Safety Criteria were published, including, for example, specifications on debris fences.

On the cars, some safety measures were made mandatory as well:

The first Drivers' Code of Conduct was published.