Formula One said the makers of the 10-part series would have unparalleled and exclusive access over the course of the year to the drivers, team bosses and owners as well as the sport's management team.
"Formula One is a global sport that we are actively repositioning from a motorsport company to a media and entertainment brand," said Sean Bratches, F1's managing director of commercial operations, in a statement.
"The agreement with Netflix serves to chronicle the fascinating story of what transpires behind the scenes during a grand prix season.
"This is a perspective of the sport that has yet to be unveiled to fans around the world. This series will unleash a compelling vantage point to the sport that will delight fans and serve as a catalyst to entice new fans."
U.S.-based Liberty Media took over the sport in January last year and plans to grow the sport and appeal to a younger demographic.
(Reporting by Alan Baldwin, editing by Sudipto Ganguly)
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