The 1998 FIA Formula One World Championship was the 52nd season of FIA Formula One motor racing. It featured the 1998 Formula One World Championship for Drivers and the 1998 Formula One World Championship for Constructors, which were contested concurrently over a sixteen-race series that commenced on 8 March and ended on 1 November. Finland's Mika Häkkinen won his first Drivers' Championship, and McLaren-Mercedes won the Constructors' Championship, the first for the McLaren team since 1991.

The season saw a large shuffling of the pecking order, with McLaren-Mercedes emerging as the fastest constructor. Häkkinen won four of the first six races to establish a clear lead in the Drivers' Championship, but a strong mid-season resurgence from Michael Schumacher and Ferrari, including five wins, put the German driver level on points with Häkkinen with two races remaining. Häkkinen then won the Luxembourg Grand Prix from Schumacher to take a four-point lead into the season finale in Japan. There, Schumacher took pole position only to stall on the grid and then suffer a puncture, leaving Häkkinen to win the race and the championship. Häkkinen's teammate David Coulthard finished third overall with Schumacher's teammate Eddie Irvine fourth, while McLaren's final margin over Ferrari in the Constructors' Championship was 23 points.

With the factory withdrawal of Renault and the departure of designer Adrian Newey to McLaren, the Williams team and Jacques Villeneuve were unable to defend their respective championships. Williams ultimately suffered their first winless season since 1988, though they still finished third in the Constructors' Championship. The Benetton team also failed to win a race in 1998, despite young Italian Giancarlo Fisichella showing promise. Jordan, led by former champion Damon Hill, failed to score a point in the first half of the season, but a strong resurgence in the second half - including Hill taking the team's first F1 victory in wet conditions in Belgium with teammate Ralf Schumacher second - enabled them to finish fourth in the Constructors' Championship. 1998 was also the final season for the former champion Tyrrell team, following its sale by Ken Tyrrell to British American Tobacco.