It seems like only yesterday that the garages were locked and helmets hung up, as the sport emerges from one of the shortest winter breaks in its history.
Lewis Hamilton's world title has barely had time to collect dust.
The Mercedes driver and his winning team are this year's favourites too. Here's our guide to the 2015 season, with a little help from a former pit lane engineer.
For the first time in five years, James Lyons will be watching the opening race at home with his dad.
"I was senior electronics engineer at Marussia, I looked after everything from the lights in the garage to the control units in the car," explained the 30-year-old.
James lost his job last November when the team entered administration.
"I travelled the world but I won't be in the pit lane this time, I'll be sat on my mum and dad's sofa. It feels weird.
"I'm really looking forward to the season."
Alongside Lewis Hamilton, there are four other former F1 champions on the grid; Sebastian Vettel, Fernando Alonso, Kimi Raikkonen and Jenson Button.
"I'm almost sure it will be either Lewis Hamilton or Nico Rosberg in the Mercedes to win the title this year," said James.
"They're likely to run away with it."
Fernando Alonso, who has switched Ferrari for McLaren, will not be in Melbourne after being advised by doctors not to risk a second bang on the head.
His place at Ferrari has been taken by Sebastian Vettel.
"With a better engine and aerodynamic package they (Ferrari) could pull it out of the bag this year."
Red Bull's junior team, Toro Rosso, have handed 17-year-old Max Verstappen his debut. The Dutchman is the youngest driver in F1 history.
Mercedes are the reigning constructors' champions after winning 16 of 19 races last season.
Their advantage seems to have been maintained if pre-season is anything to go by.
Williams, Ferrari and Red Bull will be competing just behind them.
It's McLaren you have to feel sorry for. Engine problems have hampered them after teaming up with Honda at the end of last season.
"The Honda guys have got a big job on their hands trying to get that engine up to spec because the other teams have had much longer to work on theirs," said James.
The 2014 season was littered with off-track drama.
Caterham and Marussia entered administration which led to hundreds of job losses, as James knows only too well.
"We had a big meeting at the factory in Banbury and the administrator said, 'This is it, we're closing the doors.'
"I was absolutely devastated."
While Marussia are back this season under the new name of Manor Marussia, there are clues the sport's finances have not been fully repaired.
More just patched up with some sticky-back plastic.
F1 boss Bernie Ecclestone has given struggling teams an advance on their prize money, but Sauber, Lotus and Force India have all suffered cash flow issues during pre-season.
"If the TV money was shared out a bit better then small teams like Marussia would stand a better chance," says James.
"Some of the bigger teams get more money than other team's entire annual budget."
Since 2014, an F1 car's power has been provided by a 1.6-litre turbocharged V6 engine.
In total, each driver is provided with 13 sets of dry weather tyres, four sets of intermediates and three sets of wet tyres across a race weekend.
But bosses are keen to increase the sport's appeal around the world and there are plans to widen the cars and tyres and make the engines more powerful.
Those plans have not yet been agreed on and James says he doesn't like the sound of them.
"Maybe that'll win back some of the old crowd, but they can't go down the route of trying to make the cars look like they did in the early 80s and 90s."
F1 fans have 20 races to look forward to this season, starting in Australia and ending in Abu Dhabi in November.
Samantha Charles is studying in Sheffield and plans to get up early to watch the opening race in Melbourne.
"I love the adrenaline and anticipation of watching a race," she said.
"The politics of last season were really disappointing and I think more money needs to be put in so these smaller teams can compete."
As for her 2015 hopes, he says: "I want Jenson Button to win, but I think Nico Rosberg has a great chance of beating Lewis Hamilton."
While Samantha will be watching on the sofa, Ollie Zorab from Somerset will be in Melbourne.
"I paid about Â£130 for my ticket - and they're the cheap seats," he said.
"It's going to stand out for lots of reasons because the spectators are really part of the race and all the Aussies are fully behind Daniel Ricciardo (Red Bull) in his home grand prix.
"Everyone's excited and looking forward to it."
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Formula 1 is back this weekend.