It was founded as Open Fortuna by Nissan in 1998, and was mostly based in Spain, but visited other countries throughout its history, including France, Italy, Portugal and Brazil. The organization was handled by RPM Comunicacion. The series changed name a number of times, usually adopting the name of its main sponsor, but was also known by other common names such as the unofficial "Formula Nissan". In 2005, the series was integrated with Eurocup Formula Renault V6, and became World Series by Renault.

In its early years, the series used chassis built by Coloni, with a 2.0 L Nissan SR20 engine. The series slotted in between Formula 3 and Formula 3000. In 2002, it adopted a new format, with chassis supplied by Dallara and the engine upgraded to the VQ30. The series also became more international, with more than half of the race calendar held outside Spain.

Renault started the Formula Renault V6 Eurocup in 2003, as a support series in Eurosport's Super Racing Weekends (ETCC and FIA GT Championship). The series ran with Tatuus chassis and a Nissan-sourced 3.5 L V6 engine.

In 2005, Renault left the Super Racing Weekend and started the World Series by Renault, organized by Renault Sport and RPM, merging both the World Series by Nissan (whose engine contract had finished) and Renault V6 Eurocup. The Dallara chassis was retained, while the Renault V6 was improved to 425 PS. Formula Renault 2000 Eurocup and the Eurocup Mégane Trophy functioned as support races to the main series.