The sports entrepreneur was targeted by four muggers as he returned to his London home with his Brazilian girlfriend, Fabiana Flosi.
Ecclestone was reportedly punched and kicked to the ground, before the couple was ordered to hand over their watches and diamond rings, according to Britain's The Sun.
The thieves had fled with the items by the time police arrived at the scene.
The 80-year-old billionaire was taken to hospital to be treated for a "minor" head injury, but he returned to work the next day.
A police representative says, "There can be little doubt this was a targeted robbery because of who Mr Ecclestone is. The muggers were callous and showed little regard for the victims. They need to be caught."