Toyota introduced the first-generation MR2 in 1984, designating it the model code "W10". When fitted with the 1.5-liter 3A engine, it was known as the "AW10". Likewise, the 1.6-liter 4A version is identified by the "AW11" code.

In Japan, the MR2 was marketed exclusively via Toyota's Toyota Auto Store and Toyota Vista Store, both rebranded in 1998 as Netz Toyota Store. At its introduction in 1984, the MR2 won the Car of the Year Japan.  

As Toyota engineered the MR2 to accommodate a 2-liter engine,[7] its primary features included its light body (as low as 950 kg (2,094 lb) in Japan and 1,066 kg (2,350 lb) in the US), strong handling, and low-power small-displacement engine. The car is often referred to as the AW11, referring to the chassis code of the most common 1.6-liter, A-engined versions.

The MR2's suspension and handling were designed by Toyota with the help of Lotusengineer Roger Becker.[8] Toyota's cooperation with Lotus during the prototype phase can be seen in the AW11, and it owes much to Lotus's sports cars of the 1960s and 1970s. Toyota's active suspension technology, called TEMS, was not installed. With five structural bulkheads, the MR2 was quite heavy for a two-seater of its size