Yamaha announced the release of the MT-09 Tracer on November 4, 2014, as a variant based on the popular MT-09 sports model powered by an 850cc in-line three-cylinder engine.

The MT-09 Tracer is based on the current MT-09 model that is popular for its ability to respond as the rider intends and powered by an in-line three-cylinder Crossplane Concept engine.

In 2014 rumors and photos leaked on the internet showed a new design of sport touring motorcycle with many similarities between the TDM and this new machine.

The handlebars are significantly higher and wider and are closer to the rider due to the seat being further forward, making for a much more upright riding position.

Starting in 2017, the model gained the three-mode adjustable traction control and new assist-and-slipper clutch unit found on the XSR900 and FZ-09/MT-09 siblings.

Starting in 2018, Yamaha offers an up-spec model called the "Tracer 900 GT," which includes the same engine, frame, and body design as the standard Tracer, but with factory saddlebags (now color-matched) as standard, cruise control, heated grips, longer rear swingarm, an updated full-color TFT dash based on the unit from the Yamaha R1 and a new windscreen design that can be adjusted with one hand while riding instead of the older two knob system designed to be adjusted from a stop.