The third-generation Toyota Tacoma (N300) was officially unveiled in January 2015 at the North American International Auto Show. While retaining the base platform of its predecessor, the truck featured a strengthened frame made of high-strength steel, new body panels, revised suspension, and a modern interior. The Regular Cab was dropped from the lineup. The main mechanical update was the introduction of a 3.5-liter V6 2GR-FKS engine producing 278 hp and operating on the Atkinson cycle. The base 2.7-liter engine carried over, and both received a new 6-speed automatic transmission.

For the 2020 model year, the Tacoma received a facelift that included an updated grille design, new LED headlights, an upgraded infotainment system with Apple CarPlay and Android Auto support, and a power-adjustable driver's seat. The N300 generation was notable for its extensive off-road configurations, such as the TRD Sport, TRD Off-Road, and the flagship TRD Pro, which featured Crawl Control and Fox shock absorbers. Production of the third generation ended in late 2023.