From the time that the Guiding Principles at Toyota were established in 1992, Toyota's management had gradually become more aware of the need to develop a long-term vision, based on the corporate philosophy represented by the guiding principles, to give the company lasting direction. In July 1993, Toyota commenced a company-wide business reform initiative, and took that opportunity to begin formulating a long-term vision, with the Corporate Planning Division functioning as the secretariat.

At the very outset of planning the vision, Toyota sent questionnaires to, and held information gathering meetings with, the company's executives and various inside-Toyota entities, including overseas affiliates, as well as workers unions and even external parties, before submitting a draft for discussion at an executive training session in February 1995. Toyota's 2005 Vision was subsequently established under the theme of "Harmonious Growth", and formally announced to the company in January 1996 by President Hiroshi Okuda, who had taken office in August the previous year.

Toyota's 2005 Vision stated at the start of the document that the company had positioned the next few years as a "second founding period" and it called on all employees to take on the challenge of returning to the origins of the company. It also stated that the company aimed to achieve harmonious growth together with all its stakeholders-shareholders, employees, and business partners-as it focused on realizing harmony with society, the environment, and the global economy. Individual theme-based visions and long-term quantitative goals were then set for Toyota's various business areas, based upon the 2005 Vision.

In the second half of the 1990s, development of next-generation environmental and IT technology increased at a rapid rate, and the automotive industry entered an era of intense competition on a global scale. Mergers and acquisitions advanced, heralded by the merger of Daimler-Benz with Chrysler in 1998. With such changes in the business environment, some of the goals outlined in Toyota's 2005 Vision fell out of step with the demands of the time, which led to Toyota commencing the formulation of a new corporate vision in April 2001. External experts were consulted, discussions were held at the September executive training session that year, and details were debated at a Top Executive Meeting. Finally, in April 2002, President Fujio Cho, who had assumed the top position in June 1999, announced the completion of the 2010 Global Vision.

Centered on the basic theme "Innovation into the Future", the core objective of "2010 Global Vision" was to set a course for a more prosperous society based on monozukuri (conscientious manufacturing) and technological innovation. It proposed the corporate image for which all of Toyota should strive and the paradigm change Toyota should undergo with consideration toward what society was expected to be like in the early part of the 21st century, calling on employees to boldly review traditional structures and methods.