Ford celebrated the Mustang's 20th Anniversary in 1984 by issuing a limited-edition GT model under the designation GT-350. The GT-350 name had not been used since the last Shelby Mustang was produced in 1970. The GT-350 could be ordered in either a hatchback or convertible body style driven by either the high performance 302cid V8 or the 140cid Turbo four. All came in white with special stripes and lettering while inside, SVO style seats were a feature of the all red interior.


The 1984 20th anniversary edition GT sported a whole new look for Mustang, including the white monochromatic paint scheme and bold "GT-350" Striping. These Stripes are very reminiscent of the classic Shelby Mustangs Produced in the 1960s. One big mechanical revision for the Anniversary Mustang involved the GT's suspension. This revision was introduced as a running change early in 1984 to ALL GT Mustangs. The rear control arm pivot points were lowered 1/2-inch on the upper end and 1/4-inch on the lower end for improved suspension geometry. In addition, quad shocks replaced the old-style traction bars and the rear anti-roll bar diameter increased to 0.79 inches compared to 0.67 inches in 1983. Another newcomer in 1984 was the introduction of an Automatic Over Drive (AOD) Transmission.

This combination could only be purchased with a 302 utilizing a Throttle Body Fuel Injection (TBI) system, also called Central Fuel Injection(CFI). The optional 165 horsepower (123 kW) 5.0L engine with CFI and the 4-speed AOD transmission package was offered with a 3.27:1 axle ratio. The 175 hp (130 kW) 4V version carried over from 1983 was available only with a T-5 manual transmission. The 4V 5-speed was available with a 3.08:1 axle ratio.The 20th Anniversary Edition GT350's were produced during 35 days of production. The entire production is believed to have been done in 35 batches starting March 5th, 1984 and ending in April of 1984, there was one final Anniversary Mustang Convertible (TBI/CFI Automatic) Produced on June 12, 1984.

There was no official 25th Anniversary model from Ford in 1989, even though this was looked into with several designs on body and performance modifications. In response Ford modified the running horse badge on the passenger side of the dash board, stating "25 Years" on the bottom of the badge. These badges were installed beginning in April of 1989 for one year, until April of 1990, the Anniversary model year. After April of 1990, Ford kept the badges in place,without the "25 Years" portion. Ford also added "25 Years" water mark on the window sticker with the running horse badge during this time period.

In 1999, Ford produced a special 35th Anniversary Edition of the Mustang.