Filming for the movie, co-produced by seven-time world champion Lewis Hamilton, was delayed amid the US actors' and writers' strike.
But F1 chiefs hope the film will follow the popularity of Netflix's Drive to Survive series.
Pitt, 60, will play the role of a veteran driver Sonny Hayes who is returning to the F1 grid after a long absence.
Pitt raced an adapted Formula Two car between practice sessions at a sold-out British Grand Prix last July, and, alongside his fictional rookie team-mate Joshua Pierce - played by British actor Damson Idris - lined up with the sport's 20 drivers prior to the race.
It is understood that Pitt has been filming at Silverstone, England in recent weeks, and further scenes are expected to be shot at next month's F1 race and throughout the remainder of the season.
Hamilton has been heavily involved in the script to ensure the film is as authentic as possible.
"We want everyone to love it and to really feel that we encapsulate what the essence of this sport is all about," he said last year.
"I don't know if this would have been possible 10 years ago when the old management was in place. They wouldn't have perhaps seen this as an important step in terms of the sport's growth.
"But we've already seen the great work and impact of the Netflix show, and this will take it to new heights beyond that."
Pitt told Sky Sports: "Lewis was really intent that we respect the sport and show it for what it is. I had no idea what it takes to be a driver. They are amazing athletes and I have got so much respect for all of them."
Apple has bought the rights to the film with a budget said to be in the region of $US140 million ($A211 million).
Joseph Kosinski, the man behind Top Gun: Maverick, is directing the film, while Jerry Bruckheimer - who also worked on the Tom Cruise blockbuster - is listed as a producer.
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