The March 881 was a Formula One racing car designed by Adrian Newey (his first ever F1 car) and raced by March Racing Team in the 1988 season by Italian Ivan Capelli and the debuting Maurício Gugelmin from Brazil. The car's best result was a second place driven by Capelli at the 1988 Portuguese Grand Prix.

The March 881 used the then new to Formula One Judd V8 engine, and was consistently the fastest speed trapped 'atmo' car of the 1988 season, with Capelli clocked at a class fastest 312 km/h (194 mph) on the first straight at Hockenheim for the German Grand Prix. Capelli and his March 881 was the only non-turbo car/driver combination in 1988 to actually lead a Grand Prix when he briefly took the lead from Alain Prost in his McLaren-Honda as they crossed the start-finish line on lap 16 of the Japanese Grand Prix at Suzuka. This was also the first time since the 1983 season that a naturally aspirated car had led a Formula One Grand Prix.

Capelli finished the season in 7th place with 17 points, while Gugelmin generally impressed most by finished his debut season in 13th place with 5 points. March finished the year 6th in the Constructors' Championship with 22 points.

With the new March CG891 only being completed in time for the 1989 Monaco Grand Prix, the team were forced to use the 881 for the first two races (Brazil and San Marino) in 1989. Gugelmin finished a magnificent 3rd at his home Grand Prix in the old 881 in the opening race of the season, only 9.3 seconds behind the V12 Ferrari of winner Nigel Mansell, and only 1.5 seconds behind the Honda V10 powered McLaren of Alain Prost. However these would prove to be his and the team's only points of 1989 as the CG891 was off the pace and often unreliable.

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