This new variety was based upon an earlier product (sold in other countries) called Pepsi Max, but it featured a formula and flavor profile developed specifically for the U.S. market.

Subsequently, comedian Tom Green appeared as the spokesperson in a series of television advertisements that began airing in April 1999.

On March 21, 2005, Pepsi-Cola North America announced that it would begin adding sucralose to a newly reformulated Pepsi ONE in order to create a full-flavor cola taste.

[2] In January 2014, Consumer Reports magazine tested levels of the chemical 4-methylimidazole (4-MeI) – a potential carcinogen – in various beverages in the United States and found that Pepsi ONE was one of two drinks that contained the chemical in excess of 29 micrograms per can or bottle, with that being California Proposition 65's daily allowed amount for foods without a warning label.

On April 7, 2010, Toyota Speedway at Irwindale announced that Pepsi One would be the title sponsor of the track's top division super late models.