There were two Ferrari 308's that were produced between 1974 and 1985. The first was the Ferrari 308 GT4, which was the replacement for the Ferrari Dino 206/246. The Ferrari 308 GT4 was the first Ferrari that featured a 3.0 liter, 2,927 cc mid-engined V8 that was sold at first with the Dino badge and later produced with the standard Ferrari badge. It was a 2+2 car, meaning that it had four seats and two doors. The Ferrari 308 GT4 had a unique design that was the brainchild of the Bertone Italian car styling firm that has also designed Lamborghinis, Fiats, and Alfa Romeos. Normally Ferraris chief designer, Pininfarina was notably upset at Enzo Ferrari's use of Bertone for the design of the 308 GT4.

The other Ferrari 308, the Ferrari 308 GTB was introduced in 1975 as a supplement to the 308 GT4. Unlike the 308 GT4, the 308 GTB was a two-seater and featured a much more aggressive, race-inspired design. The 308 GTB was built by Carrozzeria Scaglietti and the body was made entirely of fiberglass at first until 1977, when it was switched over to steel. The 308 GTB was mechanically similar to the 308 GT4, and had the same tube-frame platform and 4-wheel double wishbone independent suspension. Ferrari also made a line of 308 GTS that had a targa top, which was featured on the show Magnum P.I. in the 1980s. Like the GT4, the Ferrari 308 GTB had a 3.0 liter V8 that was a double over head cam (DOHC) design and was fed fuel by no less than four Weber 40DCNF carburetors. This enabled the European Ferrari 308 GTB to reach up to 255 horse power at 7,700 but due to emissions standards which forced Ferrari to install emissions control devices, the American 308 GTB was limited to 240 horse power at 6,600 rpm.

Ferrari produced no less than 2,826 308 GT4s until replacing the model with the Ferrari Mondial in 1980. The Ferrari 308 GTB lasted a while longer and became the most common historical Ferrari models with over 12,000 produced. The Ferrari 308 GTB was replaced by the Ferrari 328 in 1985.