The switch from Ferrari to Lamborghini V12 power was primarily financial, saving Minardi approximately 20% in engine costs. The Lamborghini 3512 displaced 3,493 cubic centimetres and was rated at around 730 brake horsepower, but weighed a substantial 145 kilograms. Minardi was also supplied with the manufacturer's six-speed transverse gearbox to accompany the engine.
Aldo Costa designed the M192 with aerodynamic input from Rene Hilhorst, aiming for a stiffer chassis compared to the outgoing M191. The monocoque was constructed from carbon fibre, with double wishbone pushrod suspension using twin Koni springs at both ends. Front dampers were externally mounted to allow easier trackside adjustment. Braking was handled by Brembo, and the car ran on Goodyear tyres. The wheelbase measured 2,940 mm, with a front track of 1,800 mm and rear track of 1,680 mm. Total weight was 505 kilograms and the fuel tank held 220 litres, supplied by Agip.
Some aerodynamic components were carried over from the M191. Midseason, the team discovered errors in its wind tunnel data and had to make corrections, though limited finances constrained development. The M192 was prone to understeer throughout its campaign. When Gustav Brunner joined towards the end of the year, he introduced detail refinements that improved handling. From the Italian Grand Prix onward, uprated 'B' specification Lamborghini engines were made available. Sponsorship came from SCM, Sabiem, Resta, AST, IBF, Calcestruzzi, and CIFA, and the car wore a predominantly black livery with bands of white and yellow.
Minardi's two drivers in 1992 were Gianni Morbidelli, returning from the previous season, and Christian Fittipaldi, the reigning Formula 3000 champion. The team opened the year using the M191B — a modified M191 adapted for the Lamborghini engine — with Morbidelli taking a best result of seventh at the Brazilian Grand Prix.
The M192 appeared in practice at the Spanish Grand Prix but made its competitive debut at the fifth round, the San Marino Grand Prix, where both drivers were entered. A M191B served as the spare. Both Morbidelli and Fittipaldi retired with transmission failures after qualifying 21st and 25th respectively.
In Monaco, Fittipaldi finished eighth from 17th on the grid. At the French Grand Prix, Fittipaldi suffered serious back injuries in a practice crash and missed the next three races. Alessandro Zanardi substituted, failing to qualify at Silverstone before retiring early in Germany. Fittipaldi's return at Spa proved premature; he failed to qualify there and again at Monza. By Portugal, both cars reached the finish, though three laps down. In Japan, Fittipaldi converted a 12th-place starting position into sixth at the flag, after a sustained battle with Ferrari's Jean Alesi. This was Minardi's sole point of the season. Both cars finished in Australia to close the campaign.
Fittipaldi was classified equal 17th in the Drivers' Championship. Minardi's single point placed it joint 11th in the Constructors' Championship alongside Jordan and Venturi Larrousse.
The M192 marked the beginning of Aldo Costa's tenure as the defining designer of Minardi's mid-1990s cars. Despite the financial and performance limitations that typified the team's output, the season produced a noteworthy result in Japan — Minardi's only points finish of 1992 — and provided a foundation for the more competitive M193 that followed. The car's troubled aerodynamic development and the Lamborghini engine's weight penalty illustrated the compromises small teams routinely faced in Formula One during this era.