Honda was inspired to name the vehicle the "Elysion" from the classical Greek word Elysium, or heaven.
The Elysion appeared at the Tokyo Motor Show, on October 2003 as the "ASM", and was released for sale on 13 May 2004. A mild body restyle was introduced 29 September 2005, introducing an "Aero" and "VG Premium" trim level. 13 January 2006 saw the introduction of the "G Aero HDD Navi" and "VG HDD Navi Aero" edition. Another styling change was introduced 21 December 2006, including an interior update.
The Elysion was offered with either the 2.4 L DOHC direct injection K24A with i-VTEC producing 160PS (117.7kW; 157.8bhp) or the 3.0 L SOHC J30A V6 i-VTEC producing 250PS (183.9kW; 246.6bhp). The V6 was also available with "VCM" or Variable Cylinder Management. The upper trim level "Prestige" model was available with the J35A V6 used in the Honda Legend, producing 300PS (220.6kW; 295.9bhp) and available AWD. Vehicles equipped with AWD had the same Legend engine, but the power was somewhat reduced to 279PS (205.2kW; 275.2bhp). This was more power than available in the Toyota Estima, which was quoted to be 280PS (205.9kW; 276.2bhp).