The new Malibu arrived a mere four years after its predecessor and contained numerous innovations enhancing vehicle quality and efficiency. Most importantly, Malibu came standard with a new engine, a 2.4 liter version of GM's Ecotec four-cylinder engine which employed variable valve timing. When paired with the newly available six-speed transmission the 2009 car achieved a best-in-class 33 mpg in the EPA highway test (the 2008 got 30 mpg). A mild-hybrid system was also offered with that engine. Buyers seeking more power could get the "high-feature" 3.6 liter V6 also offered with the six-speed.

The 2008 Malibu exterior featured a wide chrome molding around the windows which GM vice chairman of product development Bob Lutz claimed was an unusually expensive touch for a car in the Malibu's price class. The Malibu also offered an unprecedented array of interior color and trim options including a choice of wood-tone or silver trim and various two-tone effects.