The SF71H was presented in front of a live audience at Ferrari's headquarters in Maranello, Italy, four days before the official start of F1's pre-season testing at Barcelona.
Having lost the Spanish financial giant Santander as a sponsor, Ferrari has decided to go back to the marque's traditional all-red livery which includes painting the Halo red, with the colour white mostly absent from the car.
The SF71H features a radically different sidepod configuration compared to the last season's car, while the Halo design features an aerodynamic addition on the top.
According to Ferrari, the wheelbase has been slightly changed on the new car, with it being extended compared to the 2017 vehicle.
The team's most recent F1 drivers' champion Kimi Raikkonen and four-time F1 champion Sebastian Vettel participated in the event that took place shortly after main rival Mercedes peeled the covers off the W09.
"It looks nice and usually when it looks nice there is speed also," Raikkonen told reporters.
Ferrari have competed in every season in F1 history but have warned they might quit the sport unless they are satisfied with proposed changes beyond 2021.