The Dino 246 was the first Ferrari model produced in high numbers. It is lauded by many for its intrinsic driving qualities and groundbreaking design. In 2004, Sports Car International placed the car at number six on its list of Top Sports Cars of the 1970s. Motor Trend Classic placed the 206/246 at number seven in their list of the 10 "Greatest Ferraris of all time".

The Dino 246 GT motor was a 65 degree, dual overhead camshaft, 9.0:1 compression ratio, iron block with alloy heads. The European motor produced 195 bhp (at 7,600 rpm), and was available as a fixed-top GT coupe or, after 1971, an open Spyder GTS. The American version had an exhaust air-pump, and timing changes which created 175 hp (130 kW). The GT had 3 Weber 40 DCNF/6 or 40 DCNF/7 carburetors. For the 246 a new version of the Dinoplex ignition was deployed, the more compact Magneti Marelli AEC103A system.
The 246 Dino GT weighed 2,380 lb (1,080 kg). The 246 Dino GTS weighed 2,426 lb (1,100 kg). The body was now made of steel to save cost. The 246 Dino had a 2.1-inch (53 mm) longer wheelbase than the 206, at 92.1 inches. The height of the 246 was the same as the 206 at 43.9 inches.

Dino 246 production numbered 2,295 GTs and 1,274 Spyders, the latter being built from 1972 to 1974 only, for a total production run of 3,569. Three series of the Dino were built, with differences in wheels, windshield wiper coverage, and engine ventilation. The Series I cars, 357 of which were built until the summer of 1970, used the same center-bolt wheels as did the 206. Series II cars (built until July 1971 in 507 examples) received five-bolt Cromodora alloys and "clap-hands" wipers. The Series III cars had minor differences to gearing and fuel supply, and were built at a much higher rate as sales in the United States commenced with this version. 1,431 Series III coupΓ©s and 1,274 GTS cars were built.