The game is a simulation of the 1994 Formula One season with all 16 circuits from the 1994 season and 28 drivers in their 14 teams. Unlike the real 1994 season, where teams changed drivers repeatedly, the game has a consistent driver list throughout, which is based on British and German Grands Prix. Ayrton Senna and Roland Ratzenberger, who both were killed during the season have been left out of the game, presumably as a mark of respect as well as the aforementioned flexible driver roster for that year. It includes all parts of a Formula One weekend, including practice, qualifying and racing. It also included a championship mode which simulated the entire season. The game was developed by Geoff Crammond as a follow up to 1991's World Circuit.
It was the first serious racing simulation programmed with all three axes in it—i.e. the ability for vehicles to get airborne in the game. (1990's Stunts and Stunt Driver featured this ability, but were not racing simulations of a series.) However, GP2 lacked the feature of having a car flip over entirely, which not yet was seen in hardcore racing simulations. Microsoft's Monster Truck Madness (1996), simulating monster truck racing, may have been the first to have that feature.
It included more extensive physics and included image mapping over the 3D model of the car to show vehicle liveries, a feature that emerged in racing simulations with Papyrus' 1993 IndyCar Racing.