Introduced in November 1986, the third-generation Kijang was offered in short-wheelbase (F40 series) and long-wheelbase (F50 series) versions. The Kijang was redesigned to be larger and heavier, and no longer prioritised as a pickup truck-based model. The Standard trim level had a 4-speed manual transmission, while the Super variant had a 5-speed manual transmission and a better-equipped interior. Introduced in this generation was "Full Pressed Body" wagon built by companies appointed by Toyota. This technique was applied to reduce usage of putties up to 2–5 kg (4–11 lb) for each car.

The Kijang received its first facelift in August 1992. The steering mechanism was changed from recirculating ball to rack and pinion. The wagon model received a right-side rear door and adopted a new name, "Toyota Original Body", instead of "Full Pressed Body". In its creation process, it was fully pressed and used pointed welding. Up to this time, this model can be said as the one and only putty-free Kijang.