As WWII came to a close, the project was redesignated FV 200 and reworked to fulfill the role of a "Universal Tank" capable of serving as the as the platform for a variety of specialist vehicle types (self-propelled artillery, armoured personnel carrier, various armoured recovery vehicles, gun tractor etc.).

By 1949 however, with several of the specialist variants being cancelled due to escalating costs, the Centurion now also receiving the 20 pounder and the vehicle was no longer being considered a match for newer Soviet types, the decision was made to shelve the program.

Due to the urgency of the situation with the Soviets the existing hull design was repurposed for the new specification, however it was estimated that the new turret would not be ready until at least 1954.

The charge was not bagged but supplied in a brass cartridge, which offered some safety advantages, but reduced shell capacity to 35.

The armour was very heavy for the time, especially in the front, where it could be up to either 18.8 or 26.7 inches (480 – 680 mm) thick in the horizontal plane, depending on the source.

One feature of particular note was the rotating commander's cupola, which was at the heart of the Conqueror's fire control system and was advanced for its time.

One is privately owned in the United States as part of the Littlefield Collection and another is in use as a gate guardian outside the Royal Tank Regiment Officers' Mess, which was restored by 2nd Royal Tank Regiment Light Aid Detachment (REME) in 2009, having previously been in a deteriorating state at Castlemartin Ranges (where it had previously been the guardian "Romulus" before being replaced by a German Leopard MBT).

A Conqueror ARV remained in service at the Amphibious Experimental Establishment AXE, at Instow in North Devon, UK.

At least one Conqueror exists in poor condition on the grounds of Kirkcudbright Training Area in Scotland, where it was used as a gunnery target.