The 1997 Ford Mustang did not feature many changes from the 1996 Mustang. The biggest change was the introduction of a standard security package.

Engines started with the base 3.8-liter V6, rated at 150 horsepower. The GT had a 4.6-liter V8, which produced 215 horsepower; the Cobra had a 4.6-liter V8 rated at 305 horsepower, and the Saleens could be fitted with a similar engine capable of 310 horsepower.