Red Bull Racing is one of two Formula One teams owned by Austrian beverage company Red Bull. (The other is Scuderia Toro Rosso). The team is managed by Christian Horner, boss of the Arden International GP2 Series team.

Jaguar Racing was put up for sale in September 2004 when Ford decided it could "no longer make a compelling business case for any of its brands to compete in F1." Red Bull, a large energy drinks company, agreed its purchase of Jaguar Racing on the final day of the sale, 15 November 2004. BBC Sport reported that Ford asked bidders for a symbolic US$1 in return for a commitment to invest US$400 million in the team over three grand prix seasons. The team continued to have access to the Cosworth engine developed for their 2005 chassis, and the operation continued under the new title.

Red Bull Racing was not the start of Red Bull's involvement in motorsport. Setting up a Formula One team of its own meant that Red Bull had to end its long-term partnership with the Sauber Formula One team. The drinks company also runs a young drivers programme, Red Bull Junior Team, whereby Red Bull sponsors promising young drivers. High-profile drivers who have received this backing include Enrique Bernoldi, Christian Klien, Patrick Friesacher, Vitantonio Liuzzi and Scott Speed. Red Bull also sponsors many drivers and teams competing in the GP2 Series, Formula One's "feeder" series.

Red Bull Racing was one of only four teams (the others being Ferrari, Midland F1 and WilliamsF1) to have signed the Concorde Agreement starting in 2008, guaranteeing its long-term involvement in Formula One. However, more recently further teams have submitted entries securing the future of Formula One.

Although the team has yet to win a Grand Prix in its current guise, as Stewart Grand Prix, it did win the 1999 European Grand Prix with Johnny Herbert.

Red Bull have been very vocal about wanting to make F1 'fun' again. One way in which they went about doing that was by employing Mark Gallagher, who was head of marketing for nine years at Jordan, itself an exciting brand in the late 1990s. Red Bull also started The Red Bulletin, a satirical magazine that is released four times per race weekend and distributed to the paddock and to members of the public from behind the main grandstand at each track.

In the 2006 Monaco Grand Prix, they supported the movie "Superman Returns", which continues the line of marketing events begun by the "Star Wars: Episode III" promotion of 2005 (in the 2005 race, the pit crew dressed up as Imperial Stormtroopers) and the "Ocean's Twelve" promotion of 2004 when the team ran under the Jaguar Racing banner. When David Coulthard finished third in the 2006 race, he donned a Superman cape for his appearance on the podium.