The current Formula1 engine is a V6 turbo combined with an electric motor assist.
Click Here for additional details. They also limit the fuel flow as well as the total fuel on board since they eliminated refueling during pit stops several years ago. The superb sounds of a V8, V10 or the scream of a V12 is long gone, replaced by a sound like a muffled jake brake.
"From 2014 onwards, a Formula One car's power is provided by a 1.6-litre turbocharged V6 engine which produces around 600bhp, though this represents just one component of an F1 car's power unit. An additional 160bhp or so comes from an advanced Energy Recovery System (ERS) which utilises two clever motor generator units (MGU) that convert mechanical and heat energy to electrical energy and vice versa."