The third generation started in 1968 and ended in 1982. In 1969, the 350 cu in (5.7 L) engine became available in the Corvette, and in 1970, the 427 big block was enlarged to 454 cu in (7.4 L).

Styling changed subtly over the generation. Minor trim changes occurred through the 1972 model.

In 1973, the Corvette dropped the front chrome bumpers for a urethane-compound "5 mph" bumper but kept the rear chrome bumpers.

In 1974, the rear chrome bumpers became urethane as well, resulting in the first ever chrome-less production Corvette.

1975 saw the last year for the convertible, which did not return until 1986.

In 1968 the "Sting Ray" name was not used, but returned in 1969 as a single word "Stingray" until 1976, the last year in which the name was used.

The Corvette C2 was produced between 1963 and 1967 at the St. Louis assembly plant. It is commonly referred to as the second generation or mid-year Chevrolet Corvette.

Four-wheel disc brakes were introduced in 1965, as well as a "Big Block" engine option: the 396 in³ (6.5 L) V8. Side exhaust pipes appeared on the 1965 Sting Ray. Also the 1965 introduction of the 425 hp 396 c.i. "Big Block" was ultimately the harbinger of doom for the Rochester fuel injection system.

The Corvette C1 sports car was produced from 1953 through 1962. In 1962, the GM Small-Block was enlarged to 327 and produced a maximum of 360 hp.