The Century was fully redesigned for the first time in April 1997, 30 years after its debut. Inheriting the majestic styling that had become part of its identity, the Century radically updated its mechanical components to catch up with three decades of technical advancements. The goal of remodeling was to provide unmatched relaxation and ride comfort to passengers through the interior design that bespoke functionality with refined taste.

Its wheelbase, length, and height were extended by 165 mm, 150 mm, and 25-45 mm, respectively over those of the previous model. The GOA (Global Outstanding Assessment) shock-absorbing body and six SRS airbags (front, rear and sides) provided protection against collisions. The electronically controlled Skyhook air suspension system was combined with a 4-wheel double wishbone arrangement.

The engine, the first V12 for a Japanese passenger car, was a newly developed 4,996 cc 280 PS/5,200 rpm DOHC 48-valve VVT-i unit (1GZ-FE), which had two banks of six cylinders. In January 2003, a compressed natural gas (CNG) version of this engine (258 PS) was also made available with a 200-liter tank, offering a range of approximately 350 km on a full charge of CNG.