The first racing version of the 365GTB/4 was prepared in 1969: an aluminium bodied car was built and entered in the Le Mans 24 hour race that year (the car crashed in practice).
Ferrari did not produce an official competition car until late in 1970.

The official cars were built in three batches of five cars each, in 1970-1, 1972 and 1973. They all featured a lightweight body making use of aluminium and fibreglass panels, with plexiglas windows.
The engine was unchanged from the road car in the first batch of competition cars, but tuned in the latter two batches (to 400 bhp (298 kW; 406 PS) in 1972 and then around 450 bhp (336 kW; 456 PS) in 1973).

The cars were not raced by the official Scuderia Ferrari team, but by a range of private entrants. They enjoyed particular success in the 24 Hours of Le Mans, with results including a 5th overall in 1971, followed by GT class wins in 1972, 1973 and 1974.
In 1972 Ferrari 365 GTB/4s took the first 5 places of the GT class.

The final major success of the car was in 1979 (five years after production ended), when a 1973 car achieved a class victory (2nd overall) in the 24 Hours of Daytona.

On 8 April 2010, Ferrari announced official details of the 599 GTO.[8] The car is a road-going version of the 599XX and Ferrari say the 599 GTO is their fastest road car ever, able to lap the Fiorano test circuit in 1 minute 24 seconds, one second faster than the Ferrari Enzo. Its engine produces 670 PS (493 kW; 661 bhp) at 8250 rpm, with 620 N·m (460 lb·ft) of torque at 6500 rpm.[9] Ferrari claims the 599 GTO can reach 100 km/h (62 mph) in under 3.35 seconds and has a top speed of over 335 km/h (208 mph).[9] At 1,590 kilograms (3,500 lb), the 599 GTO weighs 100 kg (220 lb) less than the standard GTB.[10] Production will be limited to 599 cars.

Ferrari has given only two other models the GTO designation: the 1962 250 GTO and the 1984 288 GTO.[11] Unlike the previous GTO’s however, the 599 GTO was not designed for homologation in any racing series