Lotus Racing, also referred to by the company name 1Malaysia F1 Team by the Malaysian media and parliament, is a Formula One team granted entry to the 2010 Formula One season.

The team gained its entry after BMW announced they would withdraw from Formula One at the end of the 2009 season. They will join Virgin Racing, Campos Meta and Team US F1 as new teams for 2010.

Lotus Racing is run by 1Malaysia F1 Team Sdn. Bhd., a partnership between the Malaysian Government and a consortium of Malaysian entrepreneurs such as Proton (who owns Lotus Cars), Sepang International Circuit (SIC), Tune Group, Naza Motors, the Motorsports Association of Malaysia and Automobile Association of Malaysia. The Malaysian Government, has, however emphasized that the government itself is not going to invest in the team and that the Malaysian government’s investment is only through Proton. The project is part of the 1Malaysia initiative, intended to promote unity amongst Malaysians.

The team was formed after the Litespeed F3 team approached Malaysian entrepreneur Dato' Sri Tony Fernandes. Litespeed had made their own bid to enter the 2010 season with the Team Lotus name, but were not awarded an entry.

It marks the return of the Lotus name as a constructor to Formula One for the first time since 1994, when the original British company Team Lotus stopped competing in Formula One. The connection between the new and old teams is the Lotus name and the owner of Lotus Cars, Proton, being an investor in the present team.