The A80 program began in February 1989 under various teams for design, product planning, and engineering led by Isao Tsuzuki. By the middle of 1990, a final A80 design concept from Toyota Technical Centre Aichi was approved and frozen for production in late 1990. The first test mules were hand-built in A70 bodies during late 1990, followed by the first A80 prototypes being hand-assembled in 1991.

Again using subframe, suspension, and drivetrain assemblies from the Z30 Soarer(Lexus SC300/400), pre-production of the test models started in December 1992 with 20 units made,[33] and official mass production began in April 1993.[33][inconsistent] The fourth-generation Supra again shared its platform with the upscale Soarer coupe, sold in the US as the Lexus SC. Although the two cars looked similar dimension-wise, the new Supra was more than 13 inches (340 mm) shorter than its luxurious cousin.[34]

This redesign saw Toyota placing great emphasis on a more serious high-performance car. The A80 featured two new engines: a naturally aspirated Toyota 2JZ-GE having a power output of 164 kW (220 hp; 223 PS) at 5,800 rpm and 210 lb⋅ft (285 N⋅m) at 4,800 rpm of torque and a twin turbocharged Toyota 2JZ-GTE having a power output of 206 kW (276 hp; 280 PS) and 318 lb⋅ft (431 N⋅m) of torque for the Japanese model. For the export model (American/European markets) Toyota upgraded the Supra turbo's engine (by installing smaller, steel wheeled turbochargers and bigger fuel injectors, etc.). This increased the power output to 239 kW (321 hp; 325 PS) at 5,600 rpm and 315 lb⋅ft (427 N⋅m) of torque at 4,000 rpm (243 kW (326 hp; 330 PS) and 325 lb⋅ft (441 N⋅m) for European markets) Upon its launch in 1993, it was the first Toyota-badged vehicle to include a passenger-side airbag as standard (US-market only).