The Mercedes F1 W03 is a Formula One racing car designed by Mercedes AMG Petronas Formula One Team for use in the 2012 Formula One season. The car was driven by seven time World Drivers' Champion Michael Schumacher and Nico Rosberg. The car was launched on 21 February, ahead of the second test of the winter testing season. The team used the F1 W03's predecessor, the Mercedes MGP W02, at the first test in Jerez de la Frontera — running for three of the four days — in order to evaluate the 2012 specification of Pirelli tyres. The W03 completed a shakedown at Silverstone on 16 February and carried out a private test at the Circuit de Catalunya in Barcelona on 19 February; under the sporting regulations, the team was entitled to hold a private test as they had only attended three of the four test days at Jerez.

At the 2012 Chinese Grand Prix, Nico Rosberg took Mercedes's first pole position and win since the 1955 Italian Grand Prix.

The F1 W03 was introduced at the first race of the season in Melbourne with what was described as a "radical wing concept". Speculation suggested that the wing used the F-duct concept (developed by McLaren in 2010) by blowing air across the surface of the wing to "stall" it, thereby cancelling out all downforce and drag running over the wing and allowing the car to achieve a higher top speed. The system developed by Mercedes was reported to create an F-duct effect over the front wing when the Drag Reduction System (DRS) flap in the rear wing opened. Opening the flap would expose two vents, which channeled air back through the car and over the front wing, cancelling out the downforce generated by the front wing with the intention of increasing stability in high-speed corners.

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