For the F355, Ferrari developed a new 3.5 litre 90° V8 engine developing 375bhp at 8250 rpm with a redline of 8500 rpm. Maximum torque was 268 lbs-ft at 6000 rpm. The specific output of this remarkable 5-valve unit was 109bhp per litre.

The engine's aluminium block had Nikasil-coated wet steel liners. Peculiarly light forged aluminium alloy pistons drove the crankshaft through titanium alloy con rods previously seen only in Formula 1 engines.

The engine's greatest innovation is its five-valves per cylinder, three intake and two exhaust, that combined high revs with high intake permeability
maximizing gross efficiency.

The by-pass branch only comes into play at high speeds in response to the opening of a throttle valve controlled by the Motronic system. This optimizes engine performance by reducing exhaust back-pressure.

Ferrari's 6-speed F1 electro-hydraulic transmission, debuted on the F355, and signaled a new era in drivetrain design and performance. The driver shifts a sequential system controlled with paddles behind the steering wheel, exactly as on a Formula 1 car. There is no clutch pedal. The system has four driver-selectable modes of operation: sport, normal, auto, and low grip. The Ferrari 'Fl-type power train management' is the best solution for racing and road use. The system can be used in a fully automatic mode without impacting fuel consumption, and the software that controls the system is integrated with other systems in the car to increase control in varied conditions.