Known as #WeRaceAsOne, the campaign is a thank you from F1 to key workers and everyone else who has had to endure COVID-19.
An F1 "rainbow" logo has been designed, incorporating the colours of all 10 teams.
It will appear on the cars, as well as around the circuit and above the pit garages. A range of rainbow-branded products, intended to raise funds for charity, will be launched by F1 and the teams.
At the same time F1 is ramping up the commitment to diversity that it outlined last year when it launched its 2030 zero carbon sustainability programme.
The Austrian GP will thus see the start of a "racism must end" campaign, with visual displays around the track.
In addition F1 is setting up a diversity and equality task force, and will set out pledges underlining its targets.
The initiatives support the wider #purposedriven movement launched by the FIA last week.
"The whole world has come together as one collective community in the fight against COVID-19," F1 said in a statement.
"And it has brought out the best in human nature. In recent weeks people from all walks of life have united in their condemnation of racism and inequality, something that has no place in our modern world.
"We believe that as the first international sport to return we can make a difference and use our voice to address these vital issues. As a member of the global FIA motor sport family, we acknowledge its Fundamental Principles Statutes, including the fight against any form of discrimination.
"This initiative will be the platform for the priorities set out above and is aimed at tackling the biggest issues facing our sport and global communities.
"It will not be a one week or one-year theme that disappears as issues disappear from headlines, it will underpin the F1 strategy to make a tangible difference in our sport and society."