The Ferrari 312B was the successor to the Ferrari 312 and was used from 1970 until early 1975. The original 312B was developed into the 312B2 and 312B3.

The early 1970s saw the return of success to the Scuderia; the unlucky Chris Amon left, while Jacky Ickx returned and was joined by Clay Regazzoni. Under the direction of Mauro Forghieri, Ferrari developed a new Flat-12 engine, colloquially referred to as a "boxer" (although not a real boxer engine), giving a lower center of gravity and a clear airflow beneath the rear wing.

During the design's first season, in 1970, Ickx battled with Lotus's Jochen Rindt and won three Grands Prix, while the emotional Italian Grand Prix was won by Clay Regazzoni, following the death of Rindt in the week preceding the race. In the remaining races, Ickx could not pass Rindt's point score for the drivers title, and Lotus won the Constructors Championship ahead of Ferrari.

The 1971 started with a win by new signing Mario Andretti. Although being presented in January, the 312 B2 debuted only at the third round in Monaco, followed by the Dutch Grand Prix success for Ickx. However the B2 suffered with handling problems: the combination of the innovative rear suspension and the new Firestone tyres gave severe vibrations when driven close to the limit. Ferrari ultimately came third in the Constructors Championship, as Jackie Stewart and Tyrrell dominated the season.

In 1972 Ferrari fielded a revised B2 with a more conventional rear suspension, but could not keep up with the progress of the competition, dropping to fourth at the end of the year. Ickx won the 1972 German Grand Prix at his favorite track, the Nürburgring, but this was to be his last GP win. The sports cars season was a success for Ferrari though, with the Ferrari 312PB based on the F1 car.