The 1995 FIA Formula One World Championship was the 49th season of FIA Formula One motor racing. It featured the 1995 Formula One World Championship for Drivers and the 1995 Formula One World Championship for Constructors, which were contested concurrently over a seventeen-race series that commenced on 26 March and ended on 12 November.

Michael Schumacher won his second consecutive Drivers' Championship, and Benetton won the Constructors' Championship, the first and only Constructors' title for the Benetton team. Schumacher won nine races en route to the championship, equalling the record set by Nigel Mansell in 1992. He also continued his rivalry with Williams-Renault driver Damon Hill, including collisions at the British and Italian Grands Prix.

Both those races were won by Schumacher's teammate Johnny Herbert, taking his first two F1 victories. Hill's Williams teammate, David Coulthard, claimed his first victory in Portugal, while Ferrari's Jean Alesi achieved his only F1 victory in Canada. Just like Honda in 1988, Renault engines won all but one race in this season.

1995 was also the last season in which the numbering system introduced in 1974 was used. From 1996 car numbers would generally be allocated based on the Constructors' Championship order of the previous season. The was also the first season of new 3 litre engine Formula and last season in which a V12 engine would race in Formula One. Ferrari the only team racing with V12 in 1995 would switch to using a V10 engine for 1996. This was also the last season during which 1992 champion Nigel Mansell competed as he left the sport once more after a shambolic short-lived two-race stint with McLaren which saw him initially unable to fit comfortably in the Woking team's MP4-10 car during pre-season requiring a wider cockpit to be built to suit Mansell which in turn delayed his debut for the team until the third round of the season at Imola before quitting the team after struggling further at the following round in Spain. Mansell would never race in the sport again thereafter.

The following teams and drivers competed in the 1995 FIA Formula One World Championship. All teams competed with tyres supplied by Goodyear.

There was a threat of a drivers' strike over the terms of the 1995 Fédération Internationale de l'Automobile (FIA) Super Licences, which allowed the FIA to demand promotional appearances and forbade the drivers from criticising the championship. This was resolved by the governing body prior to the race, ensuring full driver participation.

Mechanically it [the JS41] is totally different [from the B195] and structurally it is quite different as well. Aerodynamically, it's as close as we can make it to being the same. I don't know how you would end up with anything else if you take a core of engineers who have been working on the Benetton. Of course the damn thing looks the same. But if you go into the detail of the car, there is nothing interchangeable.

The calendar was initially announced at the beginning of 1995, but there were doubts over the selected dates: