1981 was the last year for the second-generation Camaro. Chevrolet no longer offered the Rally Sport option for the Camaro, leaving just the base Camaro, the Camaro Berlinetta, and the Camaro Z/28. As the final year for the second-generation Camaro, Chevrolet decided to make only a few changes to the car, including the addition of GM's Computer Command Control system, which was used on all Camaro engines. Power brakes had been standard on the Z/28 only; for 1981, power brakes were standard on all Camaros. They were given a space-saving compact stowaway spare tire, new low-drag front disc brakes, and a lighter weight Freedom II battery. For buyers who selected the optional automatic transmission, they also received a lock-up torque converter clutch in third gear.

The base model of the Camaro had an Argent Silver grille that was split into two sections, an upper and lower section. They had wrap-around taillights and were powered by a 229 cubic-inch V6 engine. A three-speed manual gearbox was standard, along with power steering, power brakes, and P205/75R14 steel-belted radial tires. They also had concealed two-speed wipers, a multi-leaf rear spring suspension, a front stabilizer bar, front bucket seats with a console, four-spoke sport steering wheel, a dome light, a day/night mirror, and body-colored bumpers.

Inside, buyers had the choice of either cloth or vinyl, along with colors consisting of beige, black, dark blue, camel, red, or silver.

For 1981, Chevrolet produced 62,614 examples of the base model Camaro sport coupe.

The Camaro Berlinetta had a base price of $7,575 while the base Camaro was listed at $6,780. A total of 20,253 examples of the Berlinetta were produced in 1981.

The Berlinetta models were given Quiet Sound group that included a layer of sound-absorbing materials inside the roof along with a soft foam-backed headliner. They had special paint and body striping that came in silver, black, blue, beige, gold, or red. To help distinguish it from other Camaro models, Berlinetta identification could be found on the grille header panel, on the side pillars, and on the rear deck lid. The body sills were painted black; the base Camaro sport coupe had bright-finished sills. Power came from a 3.8-liter V6 engine. In California, the base engine was a 231 CID unit that offered 110 horsepower. A three-speed manual transmission was standard. Options included the 4.4-liter V8 and the 5.0-liter V8 with an automatic or four-speed manual.

The Berlinetta came standard with many of the options found on the base model plus P205/75R14 steel-belted radial whitewall tires, body-color bumpers, wire wheel covers, a gauge package including a tachometer, dual horns, sport mirrors (left-hand remote control), an electric clock, bright belt molding and bright roof drip moldings, brighter upper fender moldings, a bright hood panel molding, and bright door pillar moldings.

The Chevrolet Camaro Z/28 had Z/28 identification on the driver's side of the grille and a Z/28 decal on the doors. They had black headlamp bezels, black taillight bezels, a body-colored distinctive grille with horizontal bars, a black rear end panel, a black-finished license plate opening, black parking light bezels, black body sill moldings, black window moldings, and black windshield moldings.

The Z28 models also had tri-tone striping on the rear spoiler, tri-tone striping on the front air dam, tri-tone striping on the fender flares, and tri-tone striping on the body side. The bumper covers were formed of body-color urethane plastic.

The Z28 had a solenoid-activated hood air intake that drew cold air into the engine. The fender air scoops performed the same task, helping to keep the 5.7-liter V8 engine operating at optimal efficiency. The engine had a four-barrel carburetor setup and was mated to a new wide-ratio four-speed manual transmission with a 3.42:1 low-gear ratio. Buyers could also get the 5.0-liter V8 at no extra charge, but only came equipped with automatic transmissions.

The Z/28 striping colors were as follows: silver, charcoal, blue, dark gold, gold, red and orange. Z/28 models had a front air dam, front fender flares, air louvers, a hood scoop with a decal, a rear decklid spoiler, a heavy-duty cooling system, a clock, and contour bucket seats. The car rode on P225/70R15 raised-white letter tires on body-color 15 x 7-inch sport wheels.

For 1981, the Z/28 Camaro cost $8,260 and 43,271 examples were produced.