The channel - Sky Sports F1 HD - is set to launch in March 2012 and will allow viewers to watch every race, qualifying and practice session live and uninterrupted.
It follows a rights deal, signed by Sky and BBC earlier this year, which will see Sky Sports present live coverage of the whole 2012 Formula 1 season.
The channel will be provided at no extra charge to Sky TV customers who take Sky Ultimate.
Barney Francis, managing director of Sky Sports, said: “Formula 1 TM followers are hungry for more and we want to give them the ultimate experience. It’s not just every minute of every race but a channel devoted to Formula 1 TM.
He added: “We can now tell the whole story of the season, from every Grand Prix TM, from start to finish. Formula 1 TM will get the full Sky Sports treatment.”
Jeremy Darroch, Sky’s chief executive, added: “This brand new channel again proves Sky’s commitment to investing in the best content for customers. It will give even more value to Sky customers.
More information on Sky Sports F1 TM HD can be found at www.sky.com/f1.