In 1985, Mitsubishi Motors Australia began manufacturing the Magna, the very first Australian car to be exported internationally and in a large number at that. Its name derives from the Latin word Magna, which means big. True to its name, it grew in size with each generation. This mid-size model replaced the Mitsubishi Sigma.

First Generation (1985-1991)

Mitsubishi developed the Magna in 1985 as a sedan-only model. After its release, Mitsubishi came up with the 5-door station wagon version in 1987. Each Magna series was designed to match the Australia terrain and conditions. The broader body and sturdier build of the Magna gave it an edge over its competitors. 

A 2.6L Astron II (4G54) 4-cyl engine (85 kW, 198 Nm) mated to either a 4-speed ELC automatic or 5-speed manual gearbox, powered the first three series of Magna.

• TM (1985-1987) – available in Elite, GLX, and SE trims (the base offering included air conditioning, alloy wheels, cruise control, central locking, power steering, power windows, and radio cassette)
• TN (1987-1989) – introduced updates to the grille, bumper, engine and transmission, released a new base trim (Executive) and added a wagon variant with a 1200-kg load capacity
• TP (1989-1991) – redesigned the grille, front fascia, and wheels, upgraded the interior and transmission and introduced new trim levels 

Second Generation (1991-1996)

There were two main series produced in this generation.

• TR/KR
• TS/KS

The TR series consisted of cars which were heavier than that of the first generation, with a more aerodynamic body and a better drag coefficient. In 1991, Mitsubishi rolled out an upscale derivative called the Mitsubishi Verada (KR series). The Magna and Verada had the same body. The only difference was that Verada came with larger bumpers, a unique grille, and luxury fittings. 

All the models were later facelifted and called the TS/KS series. The series updated the engines, refurbished the wheel trims, introduced a unique grille with multi-parabola headlights, and enhanced cabin equipment. 

There were two engines for this generation. 

• 2.6L Astron II (4G54) 4-cyl engine (85 kW, 198 Nm), 4-speed INVECS automatic or 5-speed manual
• 3.0L Cyclone (6G72) V6 engine (140 kW, 255 Nm), 4-speed INVECS automatic or 5-speed manual 

Apart from the TR and TS series, some limited edition models were also manufactured in this generation, including the following:

• Challenge Sedan and Wagon
• Profile Wagon
• Safari Wagon
• V6Si Sedan

Third Generation (1996-2005)

The third generation consisted of these series:

• TE/KE
• TF/KF
• TH/KH
• TJ/KJ 
• TL/KL 
• TW/KW

The following powertrains served this generation:

• 2.4L Sirius (4G64) 4-cyl engine (105 kW, 205 Nm), 4-speed INVECS II, 4-speed Sports Mode, 5-speed Sports Mode automatic or 5-speed manual transmission
• 3.0L Cyclone (6G72) V6 engine (140 kW, 255 Nm), 4-speed INVECS II, 4-speed Sports Mode, 5-speed Sports Mode automatic or 5-speed manual transmission 
• 3.5L Cyclone (6G74) V6 engine (155 kW, 316 Nm), 4-speed INVECS II, 4-speed Sports Mode, 5-speed Sports Mode automatic or 5-speed manual transmission

TE/KE

TE series won the Wheels Car of the Year award in 1996. The cars in this series were higher and longer than the ones of the TS/KS series. Amongst the many changes was a dark grey trim, which many criticised for its bunker-like effect.

TF/KF

The TF/KF series came out in 1997 featuring the Executive, Advance, Altera, Altera LS, and Sports trims.

The exterior of the Executive and Advance models looked similar, but their interiors differed. The Altera and Altera LS trims were released with power windows and dual front airbags. A limited-edition model called the Solara was also a part of the TF series. The Sports model came in four colours and had the Executive model's standard features, in addition to more distinctive interior trims.

TH/KH

The TH series launched in 1999 replaced the I4 engine with the 3.5L V6 engine, which came with manual transmission and trim changes. New colour options also spiced up the range. This series produced the first Australian-made car featuring an electronic brake-force distribution with a 4-channel anti-locking brake system. 

TJ/KJ

This series introduced some major restyling, including a raised central section and modified front grille. A new chrome Mitsubishi badge replaced the red-coloured triple diamonds. The TJ/KJ 2 series brought more changes, including the new AWD sedan range.

TL/KL

The updates from this series were more on restyling rather than mechanical. Some of the modifications were the redesigned front and rear ends and enhanced interior trims.

TW/KW

TW/KW series was introduced in 2004 and was the last series of Mitsubishi Magna. The LS Sedan trim was no longer offered. Adjustments resulted in these trims being offered in the Magna lineup for the final year.

• ES sedan and wagon
• ES LPG sedan
• LS AWD sedan
• LS wagon
• VR wagon
• VR-X sedan
• VR-X AWD sedan

By this time, all models were equipped with the 3.5L engine.