On 17 July 2007, Honda CEO, Takeo Fukui, announced during a press event that the next-generation Honda Fit/Jazz would make its debut in the fall of 2007 in Japan.^[6] Events leading up to the introduction of the second-generation Honda Fit slowly unveiled more information about the vehicle. On 28 August, 2007, manufacturer brochures were leaked and indicated that the second generation Honda Fit may feature three trim levels; G, L and RS.^[7] It is speculated the G and L trim levels will feature a new 1.3 L (79.3 cu in) i-VTEC engine that makes 100 hp (70 kW), while the 1.5 L (91.5 cu in) i-VTEC will be reserved for the Fit RS and will feature 120 hp (89 kW). On 20 September, 2007, images that appeared to be official promotion photography were leaked onto the internet of the 2009 Honda Fit.^[8] The new model has a pronounced one-box shape with a sleeker look than the current model. The photos also showed a panoramic glass roof.

On 20 August, 2007, Honda released official pictures and specifications of the new Fit.^[9] The vehicle was wider, longer, and with a longer wheelbase. Height was unchanged due to mechanic parking in Japan. ULTR magic seats were retained in the second generation, rear headrests were redesigned for better convenience when folding down the seats which now only takes two steps to fold down the whole back row. Growth in dimensions brought more space to the cabin, boot capacity increased from 12.7 to 14.2 cubic feet. There is also a hidden box under the floor. Although there is no increase in the height of the body, the interior height gained another .3 in, being benefited by the new layout of the platform.

Two engines will be offered in the new Fit. A 1.3 L (79.3 cu in) i-VTEC will produce 100 hp (70 kW) at 6000 rpm and 98 ft·lbf (133 N·m) at 4500 rpm. This engine will be offered in both European and Asian markets. A 1.5 L (91.5 cu in) i-VTEC engine will also be offered and have a maximum output of 118 hp (88 kW) at 6000 rpm and 107 ft·lbf (145 N·m) at 4800 rpm. This will be the only engine available in the American market. A 5-speed manual and CVT transmission are both available.

The chassis was thoroughly reengineered and improvements have improved structural rigidity by 164 percent.

"We are very aware that the predecessor was a little firm, so we spent a lot of time fixing that. But we believe we've got it just right now."

—Hitomi

The Fit now negotiates the bumps far better than before, while the ride still remains firm. Media publications who tested the vehicle have commented on there being less understeer than before and how the car feels more like a small sedan than a small minivan.^[9] The new suspension improves straight-line stability. While being tested on Honda's high-speed proving ground, media outlets stated the Fit felt as stable at 110 mph (177 km/h) as it did at 50 mph (80 km/h) and that the brakes also offer a high amount of stopping power while the pedal felt firm with little brake fade.

The second-generation Fit was officially unveiled as a 2008 model year vehicle on 17 October 2007 at the Tokyo Motor Show.