Not much was new for '88 in the Firebird line. Base coupes had a new, monotone paint scheme, a redesigned steering wheel, and standard aluminum wheels. Either the traditional "High-Tech Turbo" aluminum wheels, or a new crosslace design, were available. Also, the base speedometer was upgraded from 85 MPH to 120. When one of the TPI engines was ordered, a 140MPH speedo was substituted.

The LG4 305 4 barrel was dropped from the engine lineup. Replacing this engine was the new LO3 305 TBI V8. TBI, or Throttle Body Injection, was not a new idea by any means, but was a much better system than the old 4 barrel carb, with drivability and horsepower increasing. The new system added 5hp to the base V8, for a total of 170hp.

Other than minor engine tweaks, the Formula, Trans Am and GTA were the same for 1988, with the addition of a digital dash option for the Trans Am and GTA. GTA's were now standard with the W63 package, so now every GTA buyer got all the top-end goodies. Also, the 305 TPI was available as a delete option.

Standard, base coupe: LB8 2.8 litre MPFI V6, 135hp

Optional, base coupe, standard Formula and T/A: L03 305 TBI V8, 170hp

Optional, Formula and T/A: LB9 305 TPI V8, 190hp (auto), 215hp (5 speed)

Optional, Formula and T/A, Standard GTA: B2L 350 TPI V8, 225hp