Red Bull are marking their 20-year anniversary in F1, and have brought reigning world champion Max Verstappen along to the event, much to the delight of the fans.
On Friday, the team were excited to reveal their RB17 Hypercar - the final project of departing design chief Adrian Newey.
McLaren, meanwhile, are taking the opportunity to pay tribute to their three-time championship-winning driver Ayrton Senna, who tragically lost his life 30 years ago, with the Brazilian's nephew driving the car which delivered the first of his uncle's titles.
Bearman in the spotlight
The famous event also provides fans with an opportunity to see the next generation of sporting stars in action, including Oliver Bearman.
The British driver emerged on the scene earlier this season, replacing a recovering Carlos Sainz at late notice for the Saudi Arabia Grand Prix.
At Goodwood, the 19-year-old gave crowds a glimpse of his talents, as he drove the Ferrari SF71 - driven by Sebastian Vettel and Kimi Raikkonen - for the infamous Hill Climb
Speaking on the Goodwood livestream, he admitted it was 'special' to step into the cockpit of the legendary car.
“That was quite a special moment, one of the most beautiful cars in, you know, the history of Ferrari," he said.
"A very successful one as well so you know it’s all part of the fun of being here and I’m really excited"
"I’ve done a lot of free practices with Haas now and now of course being here, so lots of laps in an F1 car.
"This is probably the most fun laps I’ve had - lots of wheel spin and lots of tyre smoke but no, I’ve been loving it and it’s been fantastic" he added.
After the interviewer joked this could be his last appearance at the festival without being interrupted, the young star revealed it was already becoming a challenge.
Bearman admitted: “It’s quite difficult already, I have to run and keep my head down but no it’s great I get to see a lot of people supporting me.
“Having announced my contract in Silverstone and coming here as a British driver, it’s amazing to feel the support of the fans and the passion as well."
.@OllieBearman does loads of donuts and gets lost onto the grass! Ollie put on a brilliant show for the fans trackside, and helps trim the grass whilst he’s at it. #FOSpic.twitter.com/HyRx9ZKiHt