Faced with the Maserati threat in the Grand Prix, Ferrari had to replace its 500 Mondial by 500 TR for 1956. Many modifications had been made such as a four box gearbox mated to the engine, smaller carburetors and red painted cylinder head covers.

For the 1957 season, Scaglietti redesigned the bodywork of the 500 TR due to the entry of an Annex C in the new regulations. The double wishbone coilover suspension is independent at the front but rigid axle at the rear.

Construction of the 500 TRCs ended in 1957 but they will continue to be seen running for many years in the hands of customers. In 1957, the no less famous 250 Testa Rossa (250 TR 58) took over with its three-liter V12 and its wings detached from the body.