In 2001, Ford offered a special version of its GT with the "Bullitt" nameplate. It was reminiscent of the 1968 390 fastback model driven by Steve McQueen in the 1968 movie famous for its high speed chase, Bullitt. The car was designed as a good handler, to become so it was lowered 3/4 inches, received Tokico shocks and short length sub-frame connectors. In addition, a new intake design, high-flow mufflers, and special underdrive pullies helped increase the power to a conservative 265 hp (198 kW), many owners report numbers closer to the 270-275 range. More telling is the torque curve, which was vastly improved over the base GT models, 90% of its 305 ft·lbf (414 N·m) available from 2000 rpm. This broader torque curve makes itself known at the drag strip, as these special edition Mustangs could cover the 1/4 mile in 2-3 tenths of a second quicker and about 2 mph (3 km/h) faster than regular GT.

The special intake manifolds responded well to superchargers and was well suited for use with nitrous oxide (due to the fact that if there was a nitrous-backfire, the aluminum Bullitt manifold would not be blown apart like its plastic counterpart). 17 inch “American Torq-Thrust" rims, wrapped in 245/45ZR performance rubber by Goodyear, were reminiscent of those on the car driven by McQueen in the movie.

These wheels also became available for use on the standard GT as well. The Bullitt featured a large hood scoop reminiscent of the earlier Boss 429 scoop, as well as new side scoops, lower body moldings and c-pillars with unique rear side window shape. Other special features on the Bullitt included aluminum pedals and shifter, retro-styled gauges and seats, red brake calipers with the Mustang logo on them, and the removal of the spoiler and fog lamps regularly found on Mustang GT’s, all for a cleaner look.

Braking was also improved with the addition of dual-piston Brembo brakes with 13-inch rotors, the same brakes utilized by the Mustang Cobra. The Bullitt Mustang was offered in only three colors: Dark Highland Green (like Steve McQueen's original 1968 GT Mustang), Black (like the Charger chased by McQueen), and True Blue. Total production was 5,582 units, with 3,041 Dark Highland Green, 1,818 Black, and 723 True Blue. A 2008 Bullitt edition will be released in mid-2008. Among the details are a blacked out rear panel and a plain grille similar to the base V6 Mustang, suspension similar to the Shelby GT, and exhaust upgrades that will increase power to around 325 hp (242 kW).