The Ferrari F355 Challenge was introduced in 1995 for use specifically in the Ferrari Challenge race series. The model was developed using a standard Ferrari F355 Berlinetta and modifying it with a factory-to-dealer supplied kit. The initial 1995 cars came with factory fitted cage mounts and without carpets. Each year, the cars arrived with more and more factory fitted race parts, culminating in 1998 with cars which were supplied as virtually complete race cars. The F355 Challenge was succeeded by the Ferrari 360 Modena Challenge in 2000.Making its debut in 1995, the Ferrari F355 Challenge was designed specifically for use in the Ferrari Challenge series.

The earliest F355 Challenges were road cars modified by official dealers using a conversion kit from the Ferrari factory, just like the earlier 348 Challenge. Each car was powered by a 380 horsepower, 3.5-litre V-8 engine, coupled to a six-speed manual gearbox. With each passing year, Challenge cars were supplied from the factory with an increasing number of performance components, reducing the amount of conversion work required by dealers. By 1998, Ferrari took the decision to build all Challenge cars in-house, and all subsequent F355 Challenges were built at the Maranello factory.

Only 109 cars in total were produced worldwide.