The 488 Challenge is the race-only version built for Ferrari's one-make Ferrari Challenge Trofeo Pirelli series, and the first turbocharged car in that championship. It keeps the road car's twin-turbo F154 CB V8 in essentially production tune (about 670 hp), with the dual-clutch gearbox recalibrated for racing, and strips the car to a caged race interior on center-lock 19-inch wheels and slick tires.

It was unveiled at the 2016 Finali Mondiali at Daytona and raced from the 2017 season. The aero is new: a rear wing with an airfoil related to the 488 GTE endurance racer, lateral intakes for rear-brake cooling and downforce, and engine air intakes relocated under the rear spoiler. It is not road legal and is bought and run as a track machine.