The Ferrari F40 body was designed by Leonardo Fioravanti and Pietro Camardella of studio Pininfarina, under the guidance of Nicola Materazzi, the engineer who designed engine, gearbox and other mechanical parts of the car and had previously designed the bodywork of the 288 GTO Evoluzione, from which the F40 takes many styling cues from.

Cooling was important as the forced induction engine generated a great deal of heat. In consequence, the car was somewhat like an open-wheel racing car with a body. It had a partial undertray to smooth airflow beneath the radiator, front section, and the cabin, and a second one with diffusers behind the engine, but the engine bay was not sealed. It had a drag coefficient of 0.34.