Formula One (F1) represents the pinnacle of automotive engineering. Aerodynamics is a critical factor that determines the performance of these high-speed racing machines. This paper aims to provide a comprehensive overview of the evolution and advancements in aerodynamic design and technology in Formula One over the years. Starting from the rudimentary designs of the 1950s, this paper traces the progression to the highly sophisticated Computational Fluid Dynamics (CFD) simulations and wind tunnel tests that dominate the sport today. Innovations like ground effects, diffusers, DRS (Drag Reduction System), and vortex generators are examined to elucidate how they contribute to increasing downforce, reducing drag, and thereby enhancing performance. This paper touches upon the future prospects of aerodynamic research in Formula One, including sustainability considerations and potential areas for innovation. Through a synthesis of historical trends, technical breakthroughs, and empirical data, this paper may provide a holistic understanding of aerodynamics in the context of Formula One racing.