ARP developed the Odyssey as a direct competitor to the Moog Minimoog and an answer to the demand for more affordable, portable, and less complicated "performance" synthesizers.

In early 2015, Korg reissued the Odyssey in cooperation with the original designer and ARP co-founder, David Friend.

[3][4] The Odyssey is a two-oscillator analog synthesizer, and one of the first with duophonic capabilities (the ability to play two notes at the same time).

They are largely similar to Mk I's; the main differences are the use of the black and gold color scheme and the inclusion of CV/gate in all models.

Odyssey Mk III was introduced in 1978, with a redesigned chassis and orange-on-black color scheme consistent with other contemporary ARP instruments.

86% of the size of the ARP's original Odyssey with a "slim keys" keyboard, the analog signal path of Korg's reissue is similar to the original, with several updates like MIDI input and USB MIDI connectivity, a separate headphone output and balanced XLR output, and a "drive" switch to add distortion to the voltage-controlled amplifier.