Braking system used in high-speed racing I
When it comes to the business of slowing down, Formula One cars are surprisingly closely related to their road-going cousins. As ABS anti-skid systems have been banned from Formula One racing, most modern road cars can lay claim to having considerably cleverer retardation.
The principle of braking is simple: slowing an object by removing kinetic energy from it. Formula One cars have disc brakes (like most road-cars) with rotating discs (attached to the wheels) being squeezed between two brake pads by the action of a hydraulic calliper. This turns a car’s momentum into large amounts of heat and light. Because of this, you could see how Formula One brake discs glow yellow hot.
In the same way that too much power applied through a wheel will cause it to spin, too much braking will cause it to lock as the brakes overpower the available levels of grip from the tire. Formula One previously allowed anti-skid braking systems (which would reduce the brake pressure to allow the wheel to turn again and then continue to slow it at the maximum possible rate) but these were banned in the 1990s. Braking therefore remains one of the sternest tests of a Formula One driver’s skill.

The following is an excerpt based on the rules enforced by Formula One regarding braking system of its racing machines:
“Formula One cars must have one brake system operated through a single brake pedal. However, the system must comprise two hydraulic circuits – one for the front wheels and one for the rear. Should one circuit fail the other must remain operational. Power brakes and anti-lock braking systems (ABS) are not allowed.
Each wheel must have no more than one brake disc of 278mm maximum diameter and 28mm maximum thickness. Each disc must have only one aluminium caliper, with a maximum of six circular pistons, and no more than two brake pads.
The size of the air ducts used to cool the brakes is strictly controlled and they must not protrude beyond the wheels. The use of liquid to cool the brakes is forbidden.”

(text and photo sources: Formula One)