The Canon New F-1 replaced the F-1n (an upgraded F-1) as Canon's top-of-the-line 35mm single-lens reflex camera in 1981. Like the earlier models, the New F-1 takes FD-mount lenses. Although no date has ever been confirmed, it is thought that the last New F-1 was made in 1992. It was officially discontinued in 1994, and factory support ended in 2004.

The New F-1 is a manual-exposure camera capable of TTL full-aperture metering and stopped-down metering with the included Eye-Level Finder FN. Aperture-priority AE is available by attaching the optional AE Finder FN. Also, shutter-priority mode is optionally available when using either AE Motor Drive FN or AE Power Winder FN .

The New F-1 is an expandable system. It consists of interchangeable viewfinders, focusing screens, motor drives, and alternate backs, all of which are specific to the New F-1. All other Canon components, such as the FD lens series, close up accessories (bellows, extension tubes, etc.), and Canon A and T Speedlights (except the 300TL) are also compatible with the system.