The second-generation Tacoma was unveiled at the Chicago Auto Show in February 2004. The vehicle transitioned into the mid-size pickup category, growing significantly in dimensions. It was built on a platform shared with the Toyota 4Runner and FJ Cruiser. The cab lineup included Regular Cab, Access Cab, and Double Cab. The base engine was a new 2.7-liter inline-four 2TR-FE (164 hp), while the previous V6 was replaced by a 4.0-liter 1GR-FE producing 236 hp, paired with a 6-speed manual or 5-speed automatic transmission.

During its 11-year production run, the second generation was updated twice, in 2009 and 2012. The 2009 facelift brought a revised grille and new safety features, including side curtain airbags. The 2012 update featured a completely redesigned front end with a new bumper, headlights, and grille, as well as a refreshed interior with a new center console. The TRD Pro version, introduced in 2014 and aimed at serious off-roading enthusiasts, became particularly popular.