In 1986, Colt introduced a simplified version of their .380 with a shortened barrel, slide, and gripframe, holding two fewer rounds and sold it as the Mustang.

In 1987, the Pocket Light version was introduced boosting the popularity because of the reduced weight of the weapon.

In 1988, the Mustang Plus II was introduced and it had the longer gripframe of the original Government Model.

In a number of years, Colt changed their spring and follower in the Mustang magazine, increasing its capacity to 6.

In 1996, Colt added a blued steel frame or stainless version.