After Jody Sheckter took the Drivers' Title in 1979, Ferrari struggled to achieve significant results. However, after winning Constructor's Championship in the 1999 season, the team regained its dominance and basked in the glory of a long awaited Drivers' and Constructors' Championship dual title in 2000. With drivers Michael Schumacher and Rubens Barrichello behind the wheel again the following year, the team kept up its relentless pace as Ferrari, Shell, and Schumacher humbled all challengers by earning the most amount of points ever ammassed in an F1 season so far.

One highlight of the F2001 machine was its longitudinally mounted 3000 Ferrari Tipo 050 V10 engine with electro-hydraulic 7-speed gearbox in pre-machined welded titanium. Due to new FIA regulations to improve safety, body alterations were called for that would compromise down force. to maintain aerodynamics, the body was redesigned under the guidance of technical director Rory Byrne with a new slanted nozzle and curved front wing, as well as lowered rear cowling. Suspension was refined with precision, and weight savings effectively achieved.

After the ban was lifted on traction control, launch control and other high-tech devices at the 5th race in Spain, the F2001 was finished off with an arsenal of new equipment to further outclass rivals. By the 13th race Schumacher had already clutched the championship with 9 wins, earning him 53 total wins in his career, as he became the most successful F1 driver of all time and the Ferrari F2001 the undisputed top machine in F1 history.