Introduced in the fall of 2021, the third-generation Tundra (XK70) was a revolutionary step for the model. The truck transitioned to the global body-on-frame TNGA-F platform, shared with the Land Cruiser 300. The frame structure was strengthened through extensive use of high-strength steel, and the rear leaf springs were replaced by a multi-link coil-spring suspension setup, significantly improving ride comfort and handling. A rear air suspension system became available as an option. Toyota completely abandoned V8 engines, adopting a 3.4-liter twin-turbocharged V6 (i-FORCE) producing between 348 and 389 hp as the base powerplant.

The flagship powertrain is the i-FORCE MAX hybrid system, featuring an electric motor sandwiched between the twin-turbo V6 and the new 10-speed automatic transmission, delivering a combined 437 hp and 583 lb-ft of torque. The exterior styling became even more muscular and aggressive, while the interior was transformed with a massive 14-inch touchscreen for the new infotainment system and an available digital instrument cluster. New trims included the ultra-premium Capstone and the hardcore off-road focused TRD Pro.