This video game is the third title in Video System's licensed F1 Grand Prix series, which is based on the 1993 Formula One season. It was licensed by Fuji Television and FOCA. It is also the first title in the series to be released exclusively to a home console, which was released for the Super Famicom exclusively in Japan on April 22, 1994. All the teams and drivers of the 1993 season are represented except (for unknown reason) the three-time world champion Ayrton Senna. However the player can create a driver with a graphic representation of Senna's face. It is also possible to compete in the 1991 and 1992 Formula One season.

Story mode

The story mode is one of the main features of F-1 Grand Prix Part III.

Each engine costs a different amount of money to have per race; the most expensive is the Honda engine while the Ford Cosworth engine is the least expensive. There are three difficulty levels in this game: manager (easy), driver (normal), and engineer (hard) along with three different levels of expertise on things like driver education, the ability to gain sponsors and the ability to research/develop new technology. When the funds run out, the game is considered to be over. Winning two drivers' championships in a row is considered to be one of the best endings in the game.

There is an annual charge on racing fuel for the player's vehicle while in career mode in addition to the tires that are used in every racing event.