The MP3 was launched on the market in May 2006 in two versions of displacement, using the four-stroke engines already present on other models of the house, the Leader 125 cm3 and the Quasar 250 cm3, both with liquid cooling.

In November 2006 the Master 400 cm3 version was officially presented capable of 34 HP and on sale since summer 2007.

[4] On 16 May 2014 Roberto Colannino (president of the Piaggio Group) presents the totally new second generation of MP3 which brings to the debut the new 500 LT model with ABS anti-lock system and ASR (Acceleration Slip Regulation) traction control as standard.

This unit delivers 35.4 HP of power and 37.7 Nm of maximum torque and is Euro 5 homologated.

[9] In September 2009, a plug-in hybrid version of the MP3 was launched,[3] following trials in 2008 by the New York City Police Department.

It has a 125 cm3 Leader engine and a battery-driven 2.6 kW (3.5 hp) electric motor, with a regenerative braking system.

[3] When both power sources are used the MP3 can run for a maximum of 25 minutes, with performance equivalent to a 250 cc scooter.

[11] In June 2010 Piaggio launched the 300 plug-in Hybrid variant with the 278 cm3 Quasar Euro 3 engine.