In the late 1980s, Honda began developing a small business aircraft that was to be powered by jet engines from other manufacturers. The prototype, the Honda MH02, was built around 1990 in cooperation with Mississippi State University as an experimental aircraft. This development led to the design of its own small turbofan engine, the GE Honda HF120 from 1999. The engine, a joint development with GE Aviation, was installed for test purposes in a Cessna Citation and a converted Boeing 727-100, and later also in a Lockheed T-33 Shooting Star. The jet is produced in Greensboro (North Carolina) at Piedmont Triad International Airport, and in its class of light business jets, the Honda HA-420 is a newcomer compared to its direct competitors from Embraer (Embraer EMB-500) and Cessna, but had the largest market share in its class from 2017 to 2020.

On October 17, 2022, Honda Aircraft presented the “HondaJet Elite II” at the National Aviation Convention and Exhibition (NBAA-Bace) in Orlando (Florida). The new jet promises an increased range of 1,547 nm (2,865 km) combined with additional automation and safety details thanks to Autothrottle and Garmin's Emergency Autoland automatic landing system. The update gives the jet a redesigned cabin with enhanced interior options. The retail price is quoted at 6.95 million US dollars.