The launch of the open beta is accompanied by the title's first gameplay trailer, which showcases the game's racing and management elements.
The open beta follows the successful conclusion of April's invitation-only closed beta.
> Sign up for the F1 Online open beta on the game's official website
Announced last year, the title allows players to race on iconic tracks such as Monaco and Silverstone from a top-down perspective across a number of online game modes.
As well as embarking upon a full 2011 FIA Formula One Championship, players can race in individual Grand Prix events complete with practise and qualifying rounds, as well as a range of challenges and time trials.
The free-to-play racer also contains management elements, allowing users to build their team's HQ, as well as research and manufacture car parts, choose team names, design emblems and liveries.
F1 2012, meanwhile, launches on consoles this September.
> 'F1 Online: The Game' preview: A fun and accessible browser game
> 'F1 Online: The Game' interview: Codemasters talks going free-to-play
Screenshot gallery - view F1 Online: The Game images below: