General Motors hired designer Harley Earl in 1927. Earl loved sports cars, and GIs returning after serving in Europe during World War II were bringing home MGs, Jaguars, Alfa Romeos, and the like. Even the small independent automaker, Nash Motors, began selling a two-seat sports car in 1951. The Nash-Healey was made in partnership with the Italian designer Pinin Farina and British auto engineer Donald Healey using Nash Ambassador engines and manual transmissions with overdrive. Earl convinced GM that they also needed to build a two-seat sports car. Earl and his Special Projects crew began working on the new car later that year, which was code named "Opel." The result was the 1953 Corvette, unveiled to the public at that year's Motorama car show. The original concept for the Corvette emblem incorporated an American flag into the design, but was changed well before production since associating the flag with a product was frowned upon.

The first generation is commonly referred to as a solid-axle, based on the fact that independent rear suspension (IRS) was not available until 1963.