Sky Sports will show races, qualifying and practice sessions live and in high definition from next season.
Broadcasting partnership means live Grands Prix until 2018
BBC TV and Sky Sports have been awarded the live rights to Formula One between 2012 and 2018.
The move will bring increased choice, innovation and breadth of coverage to UK and Irish motor racing fans.
The two leading UK sports broadcasters will offer fans unparalleled live High Definition coverage of every race of the season.
The broadcasting partnership will include:
All races, qualifying and practice sessions live on Sky Sports across TV, Online and Mobile and Tablet devices
Half the races and qualifying sessions remain live on BBC TV, Online and Mobile including key races such as the British Grand Prix, Monaco Grand Prix and the final race of the season.
Extensive BBC highlights on TV, Online and Mobile, of all races and qualifying sessions that BBC is not covering live
Build- up coverage of each Grand Prix on BBC News, Sky Sports News and Sky News
Extensive multi-platform coverage including red button, bbc.co.uk/sport and skysports.com
The audiences brought by Sky and BBC will ensure Formula 1 reaches the widest possible audience.
BBC Radio Five and Sports Extra will continue to cover every race live.
Barney Francis, Managing Director of Sky Sports, said: "This is fantastic news for F1 fans and Sky Sports will be the only place to follow every race live and in HD.
"We will give F1 the full Sky Sports treatment with a commitment to each race never seen before on UK television. As well as unrivalled build up to each race on Sky Sports News, we will broadcast in-depth live coverage of every session.
"Sky customers with Sky Sports will also be able to enjoy F1 across multiple platforms and devices, including Sky Go."
Formula One will join the line-up of live sport on Sky Sports, which marked its 20th birthday in April. Subscribers can enjoy Barclays Premier League and UEFA Champions League football, England Test matches, three of golf's four Majors including the Masters from Augusta, international, European and domestic rugby union, Super League rugby and a host of other sports events.
