Since the company's beginnings, Ferrari has been involved in motorsport, competing in a range of categories including Formula One and sports car racing through its Scuderia Ferrari sporting division as well as supplying cars and engines to other teams and for one make race series.

The 1940 AAC 815 was the first racing car to be designed by Enzo Ferrari, although it was not badged as a Ferrari model.

Scuderia Ferrari has participated in several classes of motorsport, though it is currently only officially involved in Formula One. It is the only team to have competed in the Formula One World Championship continuously since its inception in 1950. José Froilán González gave the team its first F1 victory at the 1951 British Grand Prix.  Alberto Ascari gave Ferrari its first Drivers Championship a year later.

Ferrari is the oldest team in the championship, and the most successful: the team holds nearly every Formula One record. As of 2014, the team's records include 15 World Drivers Championship titles, 16 World Constructors Championship titles, 221 Grand Prix victories, 6736.27 points, 679 podium finishes, 207 pole positions, and 230 fastest laps in 890 Grands Prix contested. Of the 19 tracks used in 2014, 8 have lap records set by the Ferrari F2004, with a further 3 set by the Ferrari F2003-GA, Ferrari F2008 and Ferrari F10.

In 2014, Ferrari was rated the world's most powerful brand by Brand Finance. In May 2012 the 1962 Ferrari 250 GTO became the most expensive car in history, selling in a private transaction for US$38.1 million.