Product development began in July 2003 with sales starting the following year. By July 2005, Motorola reported to analysts that the RAZR V3 was the most popular clamshell, something that it owes almost entirely to its distinctive looks and small size.

The RAZR series was marketed until July 2007 when the Motorola RAZR² series was released. Marketed as a more sleek and more stable design of the RAZR, the RAZR² included more features, improved telephone audio quality, and a touch sensitive external screen. The new models were the V8, the V9, and the V9m. However, iPhone had captured the attention of the luxury mobile device market by now and the RAZR² failed to achieve significant market share. With the ensuing massive financial losses, Motorola announced they would sell off the mobile phone business they created.

V3

The original RAZR V3 GPRS phone has been discontinued in several U.S. carriers, but was, at one time, carried by AT&T (formerly Cingular), who now sell refurbished models to postpaid customers as well as new models as GoPhones, Cincinnati Bell, T-Mobile, Unicel, Suncom Wireless and Centennial Wireless in the USA, Rogers Wireless and Fido in Canada, Telcel in Mexico, Optus and Telstra in Australia, Vodafone in New Zealand and Australia, Brasil Telecom GSM, Claro, Airtel, BPLmobile & Hutch in India Oi and TIM in Brazil and by many companies in other countries.

Complaints were made about dust accumulating between the V3's plastic screen and LCD glass, possibly through an external side button. Access to the dust requires peeling off the plastic cover, usually followed by a replacement cover.

Matte Black version

A black version was produced for distribution in the 77th Academy Awards gift bags, and was released in early May 2005. As of September 2005, the black version is available in the USA from AT&T, Metro PCS,Suncom Wireless and Cellular One from Dobson Cellular Systems, Canada only from Fido Solutions or Rogers Wireless and in many other countries from Movistar and Claro (Telcel).

The black V3 is widely available in the European Union and is the standard version of the phone in Brazil.

Hot Pink versions

The first pink version was released in October 2005, and as of June 2006, is available in the USA from T-Mobile (as RAZR V3 Magenta, after the T-Mobile—and its parent, Deutsche Telekom's—corporate color, but called RAZR V3 Pink in other countries, including other T-Mobile networks), Verizon and Cingular Wireless and Suncom Wireless (each in a different shade, currently exclusive to the US). It is available in Canada from Bell, Rogers Wireless and Telus, and in the United Kingdom from T-Mobile and the Carphone Warehouse. $25 of sales from the Rogers pink V3 go to Rethink Breast Cancer. It is also available in all Movistar-serviced countries and Claro (Telcel).