Belmondo was active in Formula 3 and Formula 3000, but was able to finish in any of the two classes a race in the top ten. In 1992 he went as a "pay driver" ( a driver who paid for his starts) at March in Formula 1; the ninth place in the Hungarian Grand Prix was his best result. In the Formula 1 1992 season he was able to qualify four more times before he ran short of money and he was replaced by Emanuele Naspetti. Two years later he attempted a comeback in Formula 1 with the non- competitive team, Pacific Racing. He qualified only twice for a race and cut each worse than his team-mate Bertrand Gachot. Later Belmondo started in the FIA GT Championship. He drove a Chrysler Viper GTS -R and participated with his own racing team Paul Belmondo Racing at the Le Mans Series.
Belmondo is the son of the actor Jean -Paul Belmondo. Around the year 1981, he was romantically involved with Princess Stéphanie of Monaco.