Competition in the hyper sport bike segment increased with the release of motorcycles like the Kawasaki Ninja ZX-14 and BMW K1200S. This increased competition led to Suzuki heavily revising the GSX1300R for the 2008 model year.Suzuki has dropped the GSX1300R designation in some countries and simply called the motorcycle the Hayabusa. The engine size was increased to 1349 cc (82.3 cu in) with the compression ratio increasing to 12.5:1. The revised engine has a claimed 12% increase in power to 194 hp (145 kW).

Fuel is now fed through a pair of new 44 mm (1.7 in) Suzuki Dual Throttle Valve (SDTV) throttle bodies. The Suzuki Drive Mode Selector (S-DMS), a technology introduced on the GSX-R line of motorcycles, provides three options of power delivery for a range of touring to wide open high performance. Some of the more notable features include a new 4-2-1-2 exhaust system meets Euro 3 and EPA Tier 2 emission regulations, a slipper clutch, and redesigned bodywork.

The motorcycle in stock form is capable of the following performance:

• 1/4 mile (402 m): 9.34 seconds @ 149.7 mph (241 km/h)
  
• 0–60 mph: 2.49 seconds
  
• 0–180 mph: 15.9 seconds
  
• Top speed: 188 mph (303 km/h) electronically restricted