The 997 Turbo debuted in February 2006 at the Geneva Motor Show. It featured a new front bumper with LED turn signal strips in the air intakes; the fog lamps were moved to the corners of the bumpers. Large air vents fore and aft of the rear wheels provide other obvious visual cues of the Turbo model. Also featured was a retractable rear wing, as used on the 996 Turbo.

The engine was based on the rugged and reliable 964/GT1 design rated 480 PS (350 kW; 470 hp) and 620 N·m (460 lb·ft). The turbochargers are fitted with a two-stage resonance intake system.

The engine uses two BorgWarner VTG turbos, a first for Porsche. The Variable Turbine Geometry incorporates guide vanes on the turbine wheel that change their angle of attack with exhaust speed, reducing boost lag at low speeds while opening up to prevent excessive back pressure at high RPMs. With the exception of the 1988 Honda Legend Wing Turbo, such variable geometry turbines were previously only available on diesel engines.

The optional Sport Chrono package allows the 911 Turbo to overboost for ten seconds, increasing peak torque over a narrow RPM range.

According to official Porsche figures, the 997 Turbo Gen 2 accelerates to 100 km/h (62 mph) in 3.7 seconds with the manual transmission, and 3.4 seconds with the PDK dual clutch transmission. It also recorded a 60 mph (97 km/h) time of 3.2 seconds when tested by Motor Trend, eclipsing all of its major competitors and even Porsche's own Carrera GT supercar. The 997 Turbo has an official top speed of 318 km/h (198 mph), though Jeremy Clarkson achieved an indicated speed of 322 km/h (200 mph) during his 2008 video special, Clarkson: Thriller.

Porsche AG announced on May 7, 2007 that the 911 Turbo Cabriolet would go on sale in September 2007. The Porsche 997 Turbo Cabriolet became one of the fastest convertible sports cars in production. It is capable of similar top speeds and acceleration to the standard Porsche 997 turbo coupé, a notable feat due to the typical problems associated with convertible variants of hardtop coupés, such as the poor aerodynamics of a soft top, a lack of torsional rigidity, and the consequential weight increase from structural members.

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