The driver with the fastest lap in a race will get a point, but it will only be handed out if he classifies in the top 10.
The first 10 years of the F1 world championship (1950-59) had this rule after which it was stopped.
FIA's world motor sport council (WMSC) approved this decision last week.
F1 managing director Ross Brawn lauded the decision.
Brawn says that the idea could improve the show
Brawn said to the BBC that there will be added motivation to make races more interesting.
"Now it will no longer be only a matter of record and prestige, but there will be a concrete motivation that will make the final part of the race even more interesting. Sometimes it is useful to remind ourselves of the heritage of our sport to move forward."
What's the mood in the F1 fraternity?
Several senior figures in F1 feel that this change will add extra interest towards the end of a race.
Meanwhile, team bosses accept there could be negatives post this idea.
Their concerns are regarding the championship being decided by a fastest-lap point, or a team-mate of the title contender, who isn't in championship contention.
He could cause disadvantage to a rival from another team.
Extra point will be the focus in F1 this term
Expect drivers to prioritize their plans for the season based on this rule imposed by the F1 fraternity. Mercedes and Ferrari in particular could benefit strongly and the top drivers will be motivated to get that extra point in the end.