Following the 1991 season, in which Minardi scored six points for seventh place in the Constructor's Championship, a number of changes were implemented.

This change saved the team around 20% in its expenditure on engines, but the V12 weighed in at a heavy 145 kilograms (320 lb).

[1][2] Designed by Aldo Costa, with aerodynamic input from Rene Hilhorst, the M192 was intended to have a stiffer chassis than the M191.

[3][4] The monocoque chassis was of carbon fibre and configured with double wishbone pushrod suspension having twin Koni springs, front and rear.

[1] Sponsorship was provided by a variety of companies, and included SCM, Sabiem, Resta, AST, IBF, Calcestruzzi and CIFA.

[1] When Gustav Brunner joined the team towards the end of the season, he introduced detail changes which improved the car's handling.

[5] The drivers for 1992 were Gianni Morbidelli, continuing on from the previous year, and Christian Fittipaldi, who had won the Formula 3000 Championship in 1991.

[7] The new car was first used competitively at the fifth race of the year, the San Marino Grand Prix, the team bringing two chassis for its drivers.

[10] At the French Grand Prix Fittipaldi suffered major back injuries following a crash in practice, leaving the team to run a single entry for Morbidelli in the race.

[14] The team implemented aerodynamic changes for the Italian Grand Prix, but this did not help Fittipaldi who failed to qualify again.

[17] In the Japanese Grand Prix, Fittipaldi finished 6th from 12th on the grid, gaining Minardi its first and only point of the season.

Both cars finished, Fittipaldi in 9th and closely hounding Aguri Suzuki in the Footwork by the end of the race, while Morbidelli, having run as high as 8th at one stage, was placed 10th.