Released in 2002 this is the newest model of Land Cruiser Prado group although not badged as a Prado in the UK. This model no longer follow its predessors title known as the 'light duty' Land Cruiser but rather as a mid sized Luxury 4x4. Available with a new 4.0L V6 1GR-FE petrol engine and the superb 160hp 3.0L D4D diesel engine with manual and automatic gearboxes.

For overseas markets, diesel models have had the 3.0L Colorado/Prado 95 series 1KZ-TE turbo diesel engine with 126hp. These Landcruisers are very popular and are beginning to be seen off road, like the previous Colorado the 120 series is effective off road despite independent front suspension, Toyota very kindly offering a factory rear axle diff lock in many models. The 120 series is very popular in Australia and as such there is a healthy range of off road equipment available.