In February 2006, the third generation Mazda MPV went on sale in Japan,[6] having debuted earlier in October 2005 at the Tokyo Motor Show.[7] It was powered by either a four-cylinder MZR Direct Injection Spark Ignition (DISI) 2.3-litre naturally aspirated engine or the turbo version of the same. The second row reclining seats featured an unusual retracting footrest feature. The gear shift was moved from the steering column to the center console, much like most other minivans by Japanese automakers today. The launch of the third generation MPV was famously known for its television commercials narrated by a middle-aged woman saying the tagline, “Supōtsukā no hassō de, miniban wo kaeru.” (スポーツカーの発想で、ミニバンを変える。The idea of a sports car – inherited by a minivan.)

The third generation MPV was available only in Japan, China, Hong Kong, Macau, Thailand, Indonesia, Singapore, Malaysia and New Zealand.[8] It was known as the Mazda8 in Hong Kong, Macau, Indonesia, Singapore and Malaysia. The 4WD and Turbo models are available only in the domestic (Japanese) market, while all export models (usually known as Mazda8) are naturally aspirated FWD models only. In New Zealand, it was known as the MPV and is available in four-cylinder only.

It was not sold to North America, Europe and other LHD markets besides China. The Mazda CX-9 (North America and Australasia only) and Mazda5 filled the segment gap in these markets.

In 2008, a facelifted version was introduced. External modifications include a new front bumper with new fog lights. A five-speed automatic transaxle replaced the four-speed unit used in NA FWD models. Six-speed Automatics remained in the turbo and 4WD models.

Turbo models were discontinued in 2010. A Malaysian version was introduced that year, making this the fourth market in which the third generation Mazda MPV was to be sold.

In 2012, a 2.5L engine version mated with five-speed automatic replaced the 2.3L with four-speed in China.