The Mustang SVO is a limited-production version of the third generation Ford Mustang sold from 1984 to 1986, with fewer than 10,000 built. SVO is an acronym referring to Special Vehicle Operations, a Ford Motor Company skunkworks organized to produce high-performance vehicles. Although it departed both physically and mechanically from any prior version of the Mustang, it held the same spot within the lineup, both in terms of performance over "lesser" variants and in prestige, as had variants such as the Shelby-tuned and "BOSS" Mustangs of the 1960s and 1970s.

The third-generation Mustang was produced by Ford from 1979 until 1993. Built on Ford's Fox platform, it is commonly referred to as the Fox body Mustang. It evolved through several sub-models, trim levels, and drivetrain combinations during its production life. It underwent updates for the 1987 model year and seemed destined for replacement with a front-wheel drive Mazda platform. However, company executives were swayed by consumer opinion and the rear-wheel drive Mustang stayed, while the front-wheel drive version was renamed the Ford Probe. Enthusiasts group the generation into two segments: the 1979–1986 cars, with their quad headlight arrangement, and the 1987–1993 cars, with their aerodynamic composite headlamps and front fascia styling. Production ended with the introduction of the fourth-generation Mustang (SN-95) for the 1994 model year.