The SV650 immediately became popular, but American buyers wanted the sportier 'S' version that featured lower handlebars, higher foot pegs and a bikini fairing and windscreen, available only in the European and Canadian markets.

The SV650 with its relatively low purchase price and excellent handling characteristics became popular with racers which prompted a rebirth of the "lightweight twins" racing classes across North America and the SV650 began outselling the Suzuki GS500, Honda NT650 and Kawasaki Ninja 500R, which previously populated the class.

In 2003, Suzuki redesigned the SV650 with a new pressure-cast aluminum truss frame, bodywork, swing-arm with revised rear brake caliper mounting, exhaust, digital speedometer display and electronic fuel injection/induction system to replace the carburetor.

The different subframe has year-specific parts, such as the rider seat, plastic frame covers, exhaust hanger brackets and passenger pegs.

The trail was raised by 2 mm, and the rear fender was restyled to clean up the area under the tail lights and provide more protection against flying debris.

In 2005, the color of the frame was changed from silver to a matte black finish and the radiator size was decreased from 440 to 410 mm (17 to 16 in).

For 2007, both SV650 and SV650S added dual spark plugs per cylinder, and an exhaust gas oxygen sensor on California models for reduced emissions.

Although the naked version was superseded by the Gladius, the SV650S model remained in the UK and Australian line-up through to 2012.

Its engine develops an additional four-horsepower and features a low-speed stalling prevention system ("low RPM assist") to make the bike more suited to beginners and easier to ride in stop/go traffic.