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, and official mass production began in April 1993.[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.

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).

The twin turbochargers operated in sequential mode instead of parallel. Initially, all of the exhaust gases are routed to the first turbine for reduced lag. This resulted in boost and enhanced torque as early as 1,800 rpm, where it already produced 300 lb⋅ft (407 N⋅m) of torque. At 3,500 rpm, some of the exhaust gases are routed to the second turbine for a "pre-boost" mode, although none of the compressor output is used by the engine at this point. At 4,000 rpm, the second turbo's output is used to augment the first turbo's output. Compared to the parallel mode, sequential mode turbochargers provide quicker low RPM response and increased high RPM boost. This high RPM boost was also aided with technology originally present in the 7M-GE in the form of the Acoustic Control Induction System (ACIS) which is a way of managing the air compression pulses within the intake piping as to increase power.

For this generation, the Supra received a new six-speed Getrag/Toyota V160 gearbox on the turbo models while the naturally aspirated models were equipped with a five-speed manual W58 transmission, revised from the previous model. Each model was offered with a four-speed automatic with manual shifting mode.

All vehicles were equipped with five-spoke aluminium alloy wheels, the naturally aspirated models had 16-inch wheels and the turbo models had 17-inch wheels wearing 235/45/17 fronts and 255/40/17 rear tyres. The difference in wheel size was to accommodate the larger brakes equipped as standard on the turbo model, but in Japan were optional equipment. The turbo models had 4-piston front calipers with 2-piston rear calipers. The naturally aspirated models came equipped with dual front and single rear piston calipers. Both models had a space saver spare tyre on a steel rim to save both space and weight. All models used a double-wishbone suspension front and rear.