This year, the season kicked off in Melbourne with the Australian Grand Prix on 17 March, and the World Championship will take in countries from the Far East, through Europe, to the Americas, ending on 24 November with the Brazilian Grand Prix in Sao Paulo.
So what and who should we be looking out for?
For the past three seasons, the championship has been dominated by Red Bull, who have taken the F1 one world by storm in just eight years on the scene. And with Sebastian Vettel and Mark Webber behind the wheel, they will almost certainly be favourites to make it four in a row.
There has been a major change for rivals McLaren-Mercedes, however, who have lost British superstar Lewis Hamilton to Mercedes-Petronas. Whether Jenson Button and Sergio Perez can threaten the Red Bull team remains to be seen, but with eight championships under their belt, if they don't take the title, it is unlikely to be down to poor engineering.
Lotus could also be one to watch. While they haven't quite scaled the heights of the Ferrari and McLaren, Finnish driver Kimi Raikkonen is likely to make a bold bid to change that, and many see them as the dark horse in this year's competition.
As for our own Lewis Hamilton, the chance of him regaining his title in 2013 is slim, and he admitted back in February that the Mercedes team would be competing for the Championship this year. However, he is a man on a mission to 'turn the team around'... so anything could happen.
What do you think? Will Hamilton and Mercedes prove a force to be reckoned with, or will Red Bull bag their fourth consecutive title? Leave your comments below...