The 375 MM originated from the Ferrari 340 MM, with the first prototype appearing as a Vignale Spyder. Three subsequent units were Pinin Farina Berlinettas, also converted from 340 MM chassis. While various coachbuilders worked on the platform, the majority of the production run featured spider-style bodies by Pinin Farina.
The chassis, designated as tipo 102, was constructed from welded steel tubes. It featured a wheelbase of 2,600 mm (102.4 in), which was slightly longer than its predecessor. The suspension system was inherited from the 340 MM but was updated with the inclusion of Houdaille-type hydraulic shock absorbers at both the front and rear.
Several unique examples were produced for high-profile clients. Director Roberto Rossellini commissioned the "Bergman Coupé" (s/n 0456AM) for his wife, actress Ingrid Bergman. Rossellini owned a second 375 MM spyder (s/n 0402AM) which, following a crash, was rebodied as a coupe by Scaglietti. This Scaglietti coupe was later acquired by Microsoft executive Jon Shirley and restored by Butch Dennison, eventually becoming the first postwar Ferrari to win Best of Show at the Pebble Beach Concours d'Elegance. Additionally, Carrozzeria Ghia produced a coupé designed by Giovanni Michelotti, which served as the final Ferrari ever bodied by the Turinese firm.
The 375 MM utilized two distinct versions of a 4.5 L V12 engine, both producing 340 PS (250 kW; 335 hp) at 7000 rpm and equipped with three Weber 40IF/4C or 42DCZ carburettors.
Tipo 102: Reserved for factory race drivers, this was a direct derivative of the Formula One engine used in the 375 F1. It maintained a total capacity of 4493.73 cc with internal measurements of 80 by 74.5 mm (bore and stroke).
Tipo 108: Developed for customer cars, this updated engine featured a capacity of 4522.68 cc resulting from a wider 84 mm bore and a shorter 68 mm stroke. This variant was also utilized in the 375 America road car.
The 375 MM was a primary contender in the inaugural 1953 World Sportscar Championship. Giuseppe Farina and Mike Hawthorn drove the car to an overall victory at the Spa 24 Hours, while Farina teamed with Alberto Ascari to win the 1000 km Nürburgring. These successes were instrumental in Ferrari securing the championship title that year.
Other notable results in 1953 included a win at the 12 Hours of Pescara by Hawthorn and Umberto Maglioli, and a victory at the 12 Hours of Casablanca by Farina and Piero Scotti. The car faced difficulties at the 24 Hours of Le Mans, where the entry of Alberto Ascari and Luigi Villoresi retired due to clutch problems. In the Carrera Panamericana, the 375 MM finished fourth in 1953 and improved to second place in 1954.
In early 1954, Giuseppe Farina and Umberto Maglioli won the 1000 km Buenos Aires, a championship round. Piero Scotti also recorded a victory at the 760 km Coppa della Toscana, finishing ahead of Gordini. While the 375 MM continued to win various races across Europe and the Americas, it was eventually succeeded in factory competition by the larger displacement 375 Plus.
The 375 MM remains one of the most successful early sports racers for the marque, responsible for two of the three wins that granted Ferrari the 1953 World Sportscar Championship. Its production run of 26 units represents a significant volume for Ferrari's racing department in the mid-1950s, bridging the technical gap between the 340 MM and the later 375 Plus.