The third generation (2003-2008) Japanese-built Odyssey was the first full redesign of the Odyssey since its introduction in 1995. Going on sale in Japan in late 2003, and in Australia and many other countries in 2004, it continued with a 5-door body style, with a much sleeker, lower, and more car-like appearance. For the first time cruise-control appeared on the JDM Odyssey. The 4WD version has received the new DPS system. The seat folding mechanism was changed again. The height of the new Odyssey was lower than ever - designed with multi-level parking in mind, particularly for Japan. The new Odyssey came with the Honda K24A i-VTEC engine, a 2.4 L unit producing 160 hp (119 kW); this was the same engine used in the CR-V and Accord. A 4WD version (RB2) came only with an automatic transmission, while the 2WD version came only with a continuously variable transmission. The V6 engine was dropped completely. Instead, a 200 hp (149 kW) forced variant of the K24A engine was adopted for the sporty Absolute version (190 hp (142 kW) with 4WD), which was only equipped with an automatic transmission - both the 2WD & 4WD variants. Moreover, this new engine had the same fuel consumption as the old 2.2 engine. All this resulted in the new Odyssey becoming a sales success. In Australia, the Odyssey achieved its best-ever sales year in 2005, and outsold the Toyota Tarago for the first time.
The sales for the fourth generation (2008 - present) of the Odyssey in the JDM market started October 17, 2008. Honda will create the 2009 and 2010 JDM Odyssey on the same platform as the 2008, keeping many of the 5 door body style and a four cylinder engine.