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The Benetton Formula 1 Team was a prominent racing team in Formula 1 during the 1980s and 1990s, with its most notable achievements coming in the mid-1990s when the team won two Drivers' Championships and one Constructors' Championship. It is best known for being the team where Michael Schumacher won his first two F1 World Championships, launching his legendary career.

The Benetton Formula 1 team was established in 1986 after the Benetton Group, an Italian fashion and retail company, acquired the Tyrrell F1 team. This marked the start of Benetton's involvement in Formula 1. Initially, the team was not very competitive. However, in 1986, Benetton made its debut in Formula 1, with the car being powered by Ford engines. Benetton continued to compete in Formula 1 in the late 1990s but could not replicate the success of the early part of the decade.

In 2000, the Benetton F1 team was sold to Renault, and the team became known as the Renault F1 Team starting in 2002. The Benetton F1 Team played a key role in the history of Formula 1, both in terms of its technical innovations and its driver success. Benetton’s era in F1 is remembered for its strategic thinking, car development, and its ability to help develop Michael Schumacher into a world champion.