With a host of regulation changes and driver movements, 2017 is set to be one of the most exciting seasons for the sport in recent years. With the whole series under the guidance of a new leader, Chase Carey, the cars are set to be faster, more dramatic to look at and even louder.
With the flag set to fall at the first race in Melbourne in just a month's time, this guide to the coming season will tell you all you need to know about the 10 teams fighting it out for the constructors' title.
Drivers: Sebastian Vettel – GER, Kimi Raikkonen – FIN
Team principal: Maurizio Arrivabene – ITA
Ferrari is the oldest team currently in Formula One, but it has suffered a barren spell of results of late. Last year, the team failed to win a single race, and it struggled for pace, languishing not just behind Mercedes, but also Red Bull.
This year, however, the team will be hoping it can capitalise on the regulation changes and bring the Prancing Horse back to the top step of the podium.
Drivers: Sergio Perez – MEX, Esteban Ocon – FRA
Team principal: Vijay Mallya – IND
Although it's a fairly new arrival on the F1 scene, Silverstone-based Force India is one of the series' success stories. The team finished last season as the top 'customer' team (teams that buy engines from other teams), and scored consistently through both drivers.
Now, however, the German Hulkenberg has gone to Renault, with young Frenchman Esteban Ocon taking his place. It remains to be seen how he will fit in alongside the now-experienced Sergio Perez, but if the car is right, it could be an exciting partnership.
Drivers: Romain Grosjean – FRA, Kevin Magnussen – DEN
Team principal: Guenther Steiner – ITA
After an impressive debut season in 2016, the Ferrari-powered Haas team would be forgiven for feeling the pressure. As the first American team in the sport in 30 years, Haas also has the expectation of a nation resting on its shoulders.
Whether their second season is so successful remains to be seen, but it has certainly recruited well in the close season, bringing Kevin Magnussen in to provide a challenge for the talented Romain Grosjean.
Drivers: Fernando Alonso – ESP, Stoffel Vandoorne – BEL
Team principal: Eric Boullier – FRA
McLaren's recent performances have belied the team's illustrious history, but the team will be hoping it can sort its problems with the Honda engine and take advantage of the new regulations.
Former champion and fans' favourite Jenson Button has stepped back from the sport, but his seat has been taken by promising youngster Stoffel Vandoorne, who debuted so impressively when his new team-mate Fernando Alonso was unavailable last season.
Drivers: Lewis Hamilton – GBR, Valtteri Bottas – FIN
Team principal: Toto Wolff – GER
Last year's champions go into the new season without last year's champion, but the driver line-up of three-time champion Lewis Hamilton and flying Finn Valtteri Bottas should be enough to extract every last drop of performance from the car.
The new rules, however, may mean that Mercedes' dominant period in F1 is over. It's something Toto Wolff and his team of engineering geniuses won't want to hear, but if they get it wrong this season, the team could be fighting for points, rather than prizes.
Red Bull Racing
Engine: TAG-Heuer (Renault)
Drivers: Daniel Ricciardo – AUS, Max Verstappen – NED
Team principal: Christian Horner – GBR
Red Bull managed to be the best of the rest last season, as Mercedes more or less ran away with the championship. But when Hamilton and Rosberg chose to smash into each other in Barcelona, it was the Red Bulls that capitalised.
This season, the team will be aiming to go one better. If it can strike the right balance with the new rules from the start, the hugely impressive drivers – Daniel Ricciardo and Max Verstappen – will be more than capable of bringing the race winners' trophies back to Milton Keynes.
Drivers: Nico Hulkenberg – GER, Jolyon Palmer – GBR
Team principal: Cyril Abiteboul – FRA
Since the hybrid era began, Renault has struggled. A run of lacklustre seasons between 2014 and 2016 has seen the team become an also-ran competing with customer teams such as Sauber, rather than the top manufacturers. The rule changes may help the team turn the tide, though.
If the car's right, we may finally get the chance to see just how good Jolyon Palmer might be, and Nico Hulkenberg might finally live up to the potential he has long been thought to possess.
Car: C36 Ferrari
Drivers: Marcus Ericsson – SWE, Pascal Wehrlein – GER
Team principal: Monisha Kaltenborn – AUT
After years of financial strife, Sauber had to be saved in the close season with extra investment. Now sporting an old-school livery and a 2016 engine, it seems unlikely that the team will be challenging for race wins, and now Manor have gone, it may be that the Saubers only get air-time when the front runners lap them again.
The team does have a prodigious talent in the shape of Pascal Wehrlein, though, who many thought was unlucky not to get Rosberg's vacated seat at Mercedes.
Scuderia Toro Rosso
Car: STR 12
Drivers: Daniil Kvyat – RUS, Carlos Sainz – ESP
Team principal: Franz Tost – AUT
Although destined to remain a feeder team for Red Bull, Toro Rosso has made a name for itself as a hotbed of young driver talent and for pulling out the occasional shock result.
This year, the precocious talent of Carlos Sainz is once again joined by the young Russian, Daniil Kvyat. The driver battle will be fascinating, with both drivers capable of putting in impressive performances, but it will be interesting to see where Kvyat's head is at after his unceremonious dumping by Red Bull.
Williams Martini Racing
Drivers: Felipe Massa – BRA, Lance Stroll – CAN
Team principal: Sir Frank Williams – GBR
Williams is another grand old name on the F1 pit wall, and though it looked like the team's fortunes had turned back in 2014, the renaissance seems to have stagnated of late.
Star driver Valtteri Bottas jumped ship in the close season to take Nico Rosberg's still-warm seat at Mercedes, and veteran Brazillian driver Felipe Massa has been dragged out of retirement to provide experience. Canadian driver Lance Stroll has taken Bottas's seat, bringing a much-needed injection of youth and a promising amount of talent.