Formula One 99 is the fourth installment in Psygnosis' FIA-licensed, Formula One series. All the racing teams, drivers, cars, and technical specs have been updated to match changes in the real world of Formula One racing. Even the newly constructed (as of 1999) Sepang International Circuit in Kuala Lumpur, Malaysia has been added to the season.

Players may choose to participate in a Quick Race, an arcade-style game, a Grand Prix, which is a racing simulator, and various two-player racing options. In Quick Race, there is no concern for fuel, damage, pits or penalties. Select a track, set up race options such as weather, and go.