Planning and design of the GP2/08 began in September 2006, under the direction of GP2 Series Technical Director Didier Perrin, who laid down the initial parameters before handing detailed design work to Dallara. It was decided at an early stage that the core partnerships from the GP2/05 era — Dallara for the chassis, Mecachrome for the engine and gearbox, and Bridgestone for tyres — would continue through at least 2010. The GP2/08 was also designed from the outset to be upgradable, with an annual upgrade kit issued each year to track developments in Formula One.
The car's initial shakedown took place at the Paul Ricard High Speed Test Track on 26 June 2007, with Nelson Piquet Jr. completing 60 laps without incident. The car was publicly launched on the same day.
The GP2/08 featured a notably redesigned exterior compared to the GP2/05. The new car adopted an aggressively low nose, a single-keel front suspension, and a sculpted front wing — a significant visual and aerodynamic departure. The sidepods were reshaped to accommodate a new radiator and cooling layout. The barge-boards were enlarged and more extensively sculpted than those on the predecessor.
At the rear, the engine cover was tighter-fitting, wrapping more closely around the Mecachrome V8, and the rear of the sidepods incorporated new cooling chimneys alongside updated shark gill vents. The exhaust assembly was redesigned for a neater integration into the rear bodywork. The car also incorporated anti-intrusion panels and was built to meet 2007 Formula One crash test standards, making it, at the time, the only non-Formula One car to pass those specifications.
The GP2/08 used the same 4.0-litre naturally aspirated V8 engine developed by Mecachrome that had powered its predecessor. The engine was carried over as part of the cost-controlled spec ethos of the series.
Bridgestone continued as the official tyre supplier for the GP2 Series during the GP2/08's competitive lifespan from 2008 through 2010, having taken over from grooved-tyre regulations that had defined the GP2/05's early seasons.
A notable distinction of the GP2/08 was its compliance with the 2007 FIA Formula One crash test standards. At the time of its introduction, it was the only car outside Formula One itself to have passed those tests, reflecting an elevated emphasis on occupant protection as the regulatory environment in junior single-seaters moved closer to the standards demanded at the top level.
The GP2/08 served the GP2 Series for three seasons before being superseded by the Dallara GP2/11 ahead of the 2011 season. Its technical rigour, particularly in crash safety, helped establish a benchmark for subsequent junior formula machinery. The generation of drivers who cut their teeth in the GP2/08 included several who went on to compete in Formula One, and the car's three-year lifespan produced competitive, closely fought championships consistent with the GP2 Series' purpose as the primary gateway to Formula One.