With Alfa Romeo having withdrawn from racing at the end of the 1951 season, coupled with the uncertainty created by BRM after they failed to make an appearance in the non-championship Turin Grand Prix, it seemed that Ferrari were to be unstoppable.

After growing concerns raised by race promoters, the FIA took the decision to run the World Championship for Formula Two Cars. These were limited to cars with engines of a maximum of 2 litres unsupercharged with the hope of creating both plentiful and more evenly matched grids.

Although closer races were expected, Ferrari were the dominant force and the new cars were "Unimpressive to the eye and ear." in comparison to the supercharged machines of 1951. Alberto Ascari won six of the seven races with team mate Piero Taruffi taking the other.

Fangio was very lucky to escape death after a crash left him with a broken neck, which sidelined him for most of the season. A new star did appear in the shape of Mike Hawthorn who created a huge impression driving an under powered, but nimble Cooper-Bristol.