The Impala was Chevrolet's most expensive passenger model through 1965 and was one of the best-selling cars in North America at the time. It would remain one of the top-selling mid-sized vehicles in the United States until the 1980s.

Chevrolet used high-performance and fully loaded models to attract prospective buyers into the showrooms. The full-size Chevrolets were completely restyled for 1963, featuring two crisply defined horizontal body-side character lines in place of the diagonal accents featured on 1962 models. These third-generation impalas were built and designed on the GM B platform, with styling changes coming in the form of more trim and a boxy style. The trim and treatment were similar to the contemporary Cadillac but emphasized the sheer length of the Impala. The similarities to Cadillac were attributed to Cadillac stylist Dave Holls, who stood in for Chevrolet Chief Designer Clare MacKichan while he recuperated from a road accident.

The Impala models were very well equipped, with vinyl upholstered, extra-thick foam seat cushions, paddle-type armrests with lift-up door releases, additional insulation, and a sport-style steering wheel. Body styles included a sedan, Hardtop Sports Sedan, Hardtop Sport Coupe, convertible, and a 6- and 9-passenger station wagon. The base six-cylinder, overhead-valve engine displaced 230 cubic-inches and offered 140 horsepower. An options 327, 409, and 427 V8 engines were available in various states of tune, with power ranging from 250 to 430 horsepower.

At the top of the performance option list was the 409 available in two forms of tune, the 4-barrel 340 horsepower version and the dual-quad 409 horsepower variant that inspired the chart-topping hit by the Beach Boys.

The Super Sport option (RPO Z03) came with bucket seats, center-shift console, and plush carpeting. In the back were twin sets of triple lights set upon a background of bright textured aluminum. They had full wheel covers, SS emblems, cove inserts, and either a Powerglide or four-speed manual transmission (wide- or close-ratio gearboxes were offered). Just 153,271 Chevrolet Impalas were fitted with the 'SS' option, and around one-in-ten received the Turbo-Fire 409 engine. Other options included a tachometer, power steering, and power top on the convertibles.

In 1963, Chevrolet offered the Z11 Impala, a lightweight model that was built using lessons learned from Super Stock and A/FX class racing. It had a Spartan finish with an aluminum front end and bumpers. The 427 CI 'mystery engine' had an aluminum dual quad intake and carburetors, and a distinctive air cleaner that drew air from the passenger-side cowl vent. This was certainly a rare option, as only 57 examples were sold.