[3] In 1997, Caterpillar decided to begin the development of a 360 short tons (327 t) payload capacity haul truck to meet the demand from large-scale mine operators wanting to reduce operating costs at mines using 80 to 90 short tons (73 to 82 t) per pass shovels.

In the second quarter of 1999, the third and fourth 797s produced were the first to be placed in service with a customer at the Bingham Canyon Mine in Utah.

Caterpillar put 18 additional 797s into service with mine operators worldwide, as production development units.

Caterpillar increased the power output of the Cat 3524B EUI 24-cylinder diesel engine used in the 797 from net 2,394 kW (3,211 hp) to net 2,513 kW (3,370 hp) enabling the 797B to achieve a 68 km/h (42 mph) top speed when transporting a 345 t (380 short tons) load, a 3.2 km/h (2 mph) increase over the first generation 797.

[7][8] Prior to the introduction of the Caterpillar 797F and the Bucyrus MT6300AC at MINExpo International in September, 2008, the Liebherr T 282B, introduced in 2004, was the only haul truck with a payload capacity of 400 short tons (363 t).

[5] A gross 4,000 hp (2,983 kW) [net 3,793 hp (2,828 kW)] Cat C175-20 ACERT single block, 20-cylinder, electronic common rail injection, quad turbocharged, air-to-air aftercooled, four-stroke diesel engine powers the 797F.

[14] The 797 series haul trucks are equipped with a rear-axle-mounted, computer-controlled, seven-speed planetary transmission with a separate lock-up torque converter.

The axle assemblies are manufactured by Caterpillar in Winston-Salem, North Carolina, and are shipped to the customer site.

The driver's cab is manufactured by Bergstrom Climate Control Systems' Contract Assembly division in Joliet, Illinois.

The dump body is manufactured at Caterpillar Mexico in Monterrey, Mexico, as well as at least to a limited degree by WesTech of Casper, Wyoming in the western United States and shipped in component form to the customer site where it is assembled and welded into a monolithic structure before being joined to the frame during final assembly.

In total, 275 lb (125 kg) of welding wire is used to join the individual castings into a monolithic frame.

In total, one 797 requires 12 to 13 semi-trailer truck loads that originate at various manufacturing facilities and deliver to the customer site.

If a 797 must be moved from one job site to another for any reason, it cannot be driven on public roads due to its exceptional size and weight.

Depending on customer requirements, lower payload capacity 360 short tons (327 t) products such as the Komatsu 960E-1 and Belaz 75600 may also place competitive pressure on sales of the 797F.