The Corolla van entered its third generation with the full model change in April 1974. The available engines included 1.4-liter (T) and 1.2-liter (3K-H) units. A 4-speed manual transmission was standard, while the 1.4-liter model could choose a 3-speed automatic transmission, becoming the first Corolla van to offer that option. Three model grades including High Deluxe, Deluxe, and Standard (for the 1200 model only) were offered, each featuring a different set of accessories. The maximum payload capacity was 400 kg when carrying two passengers, or 200 kg with five passengers. A rigid leaf suspension was adopted for the rear wheels. Upgraded safety devices similar to those of the sedan were deployed, including the instrument panel that was fully covered with elastic sheet material, and self-retracting 3-point front seatbelts. Furthermore, the Deluxe and higher grade models came with a shock-absorbing steering shaft, and the High Deluxe model was equipped with front disc brakes.

The van continued to be marketed until August 1979, even after the sedan and other models of the same generation were discontinued in March.