Commentary arrangements have not been decided – Apple will not initially produce its own commentary and is likely to buy either that of F1 TV or the UK’s Sky network.
The popular Drive to Survive documentary series on rival streaming service Netflix will not be affected.
The F1 movie that was released earlier this year starring Brad Pitt was a significant contributing factor in securing this deal.
The film has been a big hit for Apple. It has taken about $630m (£470m) at the box office and is said to be both the biggest grossing sports movie ever, and Pitt’s biggest grossing movie.
F1’s previous US rights deal was with sports network ESPN, for about $80m (£60m) a year.
A statement from F1 said the deal would “amplify the sport across” all Apple’s outlets – News, Maps, Music, Sports and Fitness+.
F1 chairman Stefano Domenicali said: “This is an incredibly exciting partnership for both Formula 1 and Apple that will ensure we can continue to maximise our growth potential in the US with the right content and innovative distribution channels.”
Eddy Cue, Apple’s senior vice-president of services, said the company “looked forward to delivering premium and innovative fan-first coverage to our customers in a way that only Apple can”.
Cue told a news conference that F1 had grown in the US market in recent years but “it can still grow exponentially”.
And he said he expected the relationship between Apple and F1 in the US to extend beyond this agreement.
“We didn’t get into this (just) for five years,” Cue said. “We did it because we think it can be huge and we’re going to want to do this for many years after.”
Asked about the prospect of similar deals being done in other countries around the world, Domenicali said: “We have to do the right things in this market and if it works and there are opportunities elsewhere, why not?”