Much like the 2011 V6 and GT Mustangs, the 2011 Shelby GT500 gets an engine update with an all-new 5.4 L aluminum engine which is 102 pounds lighter than the previous cast-iron engine and uses Ford-patented plasma-coating technology (Plasma transferred wire arc). The inventors of PTWA received the 2009 IPO National Inventor of the Year award. This technology was initially patented and developed by inventors from Flame-Spray. The technology was subsequently improved upon by Ford and Flamespray.[27] With the engine updates, not only has performance improved to 550 horsepower and 510 ft.lb. of torque, but the GT500's gas milage improves enough to eliminate the U.S. Gas Guzzler Tax.[28]. Production of the 2011 Shelby GT500 was limited to 5500 units.[29]

Ford also improved upon the handling characteristics of the GT500. The overall stance of the car has been lowered by 11 millimeters in front and 8 millimeters at the rear. The car also features Ford's new Electric Power Assist Steering (EPAS) that improves torque build-up and road feel which delivers quicker and more precise steering, increased effort on the racetrack or winding roads, and reduced effort in low-speed parking maneuvers. The car also has Ford's AdvanceTrac stability control system.

External improvements include an optional SVT Performance Package, which includes Goodyear EagleF1 SuperCar G: 2 tires, all-new lightweight 19-inch forged-aluminum wheels in front and 20-inch forged-aluminum wheels at the rear, a 3.73 rear axle ratio, and performance tuned front and rear shocks along with stiffer springs. The package includes a unique rear spoiler Gurney Flap for improved handling, slightly revised front and rear fascias, a new pedal box for improved clutch use, slotted brake dust shields for improved brake cooling, standard HID (high-intensity discharge) headlamps, MyKey programmable vehicle key, integrated spotter mirrors, and fold-down rear headrests. Optional is a glass top roof, previously available, starting in 2009, with the Mustang GT.