Benetton Formula Limited., commonly referred to simply as Benetton, was a Formula One constructor that participated from 1986 to 2001. The team was owned by the Benetton family who run a worldwide chain of clothing stores. In 2000, the team was purchased by Renault, but competed as Benetton for the 2000 and 2001 seasons. In 2002, the team became Renault. The Benetton Formula team was chaired by Alessandro Benetton from 1988 to 1998.

The Benetton Group entered Formula One as a sponsor company for constructor Tyrrell in 1983, then Alfa Romeo in 1984 and 1985 and finally Toleman in 1985. Toleman had struggled in 1985, missing the first three races of the season and being forced to only enter one car for the following six races, as a result of a dispute with tyre suppliers. Teo Fabi had taken a pole position for Toleman at the German Grand Prix, however the team would score no points during the season, with poor reliability causing a Toleman car to see the chequered flag only twice out of 20 total entries. Benetton Formula Limited was formed in 1985 when the Toleman team was sold to the Benetton family.

Toleman had already developed the TG186, their planned chassis for the 1986 season. This was renamed the Benetton B186 after the change in ownership. Benetton's first season in Formula One also came with a change in engine supply, with Toleman's Hart engines being replaced with that of a large car manufacturer, the powerful BMW M12. Teo Fabi was retained as a driver and Piercarlo Ghinzani was replaced by Gerhard Berger, who joined from Arrows.

The B186 demonstrated its pace throughout the season, with Berger securing the team's first podium finish at Imola and a front-row start in Belgium. Fabi claimed two consecutive pole positions in Austria and Italy, before Berger achieved the Witney-based team's first victory in Mexico, almost half a minute ahead of his nearest competitor. Despite the impressive underlying pace, the B186 suffered from severe unreliability. The team recorded nineteen retirements, with eight consecutively for Fabi (including from his two pole positions). Benetton ended the season 6th in the championship with 19 points.

Berger left the team for Ferrari at the end of 1986 and was replaced at Benetton by his former Arrows teammate Thierry Boutsen. BMW, which had supplied three teams in 1986, scaled back its operation to supply only Brabham in 1987. With the Haas Lola team folding at the end of 1986, Benetton was able to take over its factory supply of turbocharged Ford engines. The B187 suffered with engine trouble at the start of the season, but became more consistent mid-season after reducing the effect of the turbocharger, taking numerous 4th and 5th place finishes as well as two 3rd places in Austria and Australia. Benetton ended the season 5th in the championship with 28 points.

Fabi was dropped for the 1988 season in favour of Minardi driver Alessandro Nannini, ending Fabi's Formula One career. The B188 became the team's first naturally-aspirated car as Ford wished to concentrate development in light of the upcoming ban on turbocharged engines. The B188 was once again an improvement on its predecessor, suffering almost half the number of retirements and claiming seven podium finishes, all 3rd places. Boutsen had finished 3rd in Belgium, however both Benettons were disqualified from the race after the season had concluded for fuel irregularities. The team finished the season 3rd in the championship with 39 points.

For 1989, Boutsen left Benetton to join Williams and was replaced by rookie Johnny Herbert. The new engine developed by Ford for the B189 was not ready for the start of the season, and the previous year's engine did not fit in the new car. The team therefore had no choice but to continue using the B188. Despite this setback, the B188 still proved competitive, with Nannini claiming a podium finish at Imola. Prior to making his Formula One debut, Herbert was involved in a serious crash in Formula 3000 that broke both his legs. Despite achieving some impressive results, including 4th place in his first race, he was dropped by the team after failing to qualify for the Canadian Grand Prix as it became clear he had still not fully recovered. He was replaced by rookie and McLaren test driver Emanuele Pirro. The B189 was finally ready to compete at the following race. Nannini would go on to achieve Benetton's first victory since 1986 at the Japanese Grand Prix after Ayrton Senna was disqualified. Pirro was only able to secure a single points finish in his ten races with the team, taking 5th place in Australia. Benetton ended the season 4th in the championship with 39 points.

Prior to the 1990 season, the team management was fired and businessman Flavio Briatore was appointed team manager by the Benetton family. Pirro was dropped in favour of three-time world champion Nelson Piquet, who had left the struggling Lotus team. Benetton used a modified B189 before introducing the B190 at the third race of the season. 1990 proved to be the team's most successful to date, with Piquet winning the final two races of the season and the team achieving six other podium finishes. Tragedy would befall the team late into the season after Nannini lost his right forearm in a helicopter crash. His arm was re-attached but the injuries ended his Formula One career. EuroBrun driver Roberto Moreno had become available after the backmarker team pulled out of the sport, and so he was hired as Nannini's replacement. The next race in Japan marked Benetton's first ever 1-2 finish, as well as Moreno's first and only career podium. Benetton ended the season 3rd in the championship with 71 points.