The agreement means that ITV.com now has the exclusive UK online rights to Formula 1 when the championship starts this weekend with the Australian Grand Prix.
ITV is pitching as the home of Formula 1 and accordingly the site's content has been designed to complement ITV1's broadcast coverage of the tournament.
The web portal will give Formula 1 fans the chance to watch previously untelevised action such as Friday practice sessions.
It will also feature live streaming simulcasts of all 18 Grand Prix, clips from the post-event press conferences and a 30-day catch-up service for past TV coverage.
Annelies van den Belt, managing director of broadband at ITV, said: "We're thrilled to be able to offer live streaming Formula 1 video action to fans. Our coverage of the Friday practice will provide fans with direct access to all the action that they simply won't find on TV."
Mark Sharman, ITV director of news and sport, said: "We know from listening to our viewers that there is great demand from motor sport fans to watch F1 practice sessions and press conferences. This is yet another example of how we are using ITV's digital channels and new media platforms to extend our award-winning coverage of sport to complement the big events on ITV1."
Formula One Management said: "With UK Formula 1 audiences reaching their highest levels in many years, it gives us great pleasure to fuel this resurgence further with the introduction of online rights to compliment ITV's broadcast coverage."
ITV recently signed up Sony to sponsor its television coverage of the season.
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