The Ferrari 348 is a mid-engined, rear wheel drive V8-powered 2-seat sports car, replacing the 328 in 1989 and continuing until it was replaced by the F355 in 1994.

The 348, badged 348 TB for the coupe and 348 TS for the targa versions, features a naturally aspirated 3.4 litre version of the quad-cam, 4-valve per cylinder V8 engine which was originally found in the 288 GTO supercar. The engine produces 300 hp (224 kW) and sits longitudinally with a transverse gearbox, like the Mondial t with which the 348 shares many components. This was a major switch for Ferrari, with most previous small Ferraris using a transverse engine with longitudinal transmission.

All 348s were shipped with dual-computer, double-redundant Anti-Lock Braking systems. Traction Control and Launch Control are 348 aftermarket options available through Gemballa, among others.

Likewise, all 348s were shipped with on-board self-diagnosing Air Conditioning and heating systems.

U.S. 348s have functioning on-board OBDI engine management systems, though European variants need to have light bulbs placed into the dash to activate this trouble-shooting feature.

Similar to the Testarossa but departing from the BB 512 and 308/328, the oil and coolant radiators were relocated from the nose to the sides, widening the waist of the car substantially, but making the cabin much easier to cool, since hoses routing warm water no longer ran underneath the cabin as in the older front-radiator cars. This also had the side effect of making the doors very wide.

All Ferrari 348s use racing "dry-sump" oil systems to prevent oil starvation at high speeds and in hard corners. The oil level can only be checked (accurately) on the dip-stick when the motor is running due to this setup.

Likewise, all 348s have independent, corner-adjustable ride/height/weight adjustment abilities built in to each suspension, as well as a removable rear sub-frame to speed up the removal of the engine for maintenance.

More than 8,000 348s were produced, and the car's straked side air intakes give it a Testarossa look (because of this it is sometimes considered a kid brother to the Testarossa).

The car has been criticized for twitchy handling when driven with mismatched tires (some old, some new). When tested by Car and Driver magazine versus the Acura NSX, it was found to be very easy to spin out around some turns when all 4 tires were not identical in tire-model and tire-age. Its "break away" characteristic was then abrupt and difficult to catch once rear traction was lost.

In 1993 the 348 was revised, featuring subtle styling changes and more power, this time producing 312 bhp (U.S) and 320 hp (Euro) from the same 3.4 litre engine (different exhaust). The revised cars are called 348 GTB and GTS, The lower body being body-colored instead of black and the rear track being one inch wider due to the addition of spacers and the suspension geometry was revised which greatly enhanced its super-car-level handling, ride and body control. The 348 Spider (convertible) model was also introduced, in-line with the phasing out of the Mondial Cabriolet.

For 1994 only, Ferrari also made to 348 Competizione race models (some sold in Europe for the street, too) in conjunction with the Michelotto performance house. These 348 GTCs (or GT Competiziones) had kevlar front and rear bumpers, kevlar seats, kevlar door panels, whilst the Le Mans race models used F40 half-shafts.