F1 Powerboat World Championship is a competition of powerboats with rules similar to Formula One car racing. Each F1 powerboat race lasts approximately 45 minutes following a circuit marked out in a selected stretch of water, usually a lake, river, or sheltered bay.

Qualifying periods decide the formation of the grid, and timing equipment records the performance of competitors to decide the final classification and allocation of championship points. The sport is governed by the Monaco based Union Internationale Motonautique (UIM, International Power Boating Association).

Inaugurated in 1981, F1 powerboat racing is a Grand Prix style event, similar to Formula One automobile racing, in which teams compete in 13 venues around the world each season. In the 2006 season, 27 drivers competed for 12 teams, with 24 boats competing in any one race. The races take place along a track of approximately 350 meters with multiple turns, over which the boats can reach 240 kilometers per hour (150 mph). The races are longer than most powerboat races at approximately 45 minutes, but still shorter than most automobile races.