The Geo Prizm, later called the Chevrolet Prizm, were compact cars that were rebadged versions of the Toyota Sprinter, a vehicle that the Japanese automaker Toyota never directly sold in the North American market. The Sprinter itself was derived from the Toyota Corolla. The Prizm was marketed under the Geo nameplate until it was discontinued after the 1997 model year. After that, the vehicle was marketed under the Chevrolet nameplate. General Motors (GM) referred to this and other Toyota Corolla-derived vehicles as the GM S platform. The cars were produced from 1988 to 2001 (the last ones being sold for model year 2002) alongside the Corolla at NUMMI, an assembly plant operated as a joint venture of GM and Toyota. The Prizm was sold exclusively in the United States and succeeded the 1985–1988 Chevrolet Nova, which was also derived from the Sprinter and produced at NUMMI.

All Prizms were built at NUMMI (New United Motor Manufacturing, Inc.), a joint venture company between Toyota and General Motors in Fremont, California. The NUMMI plant at Fremont had manufactured the Prizm's predecessor, the Chevrolet Nova, and would later manufacture the Pontiac Vibe, one of its replacements.

Production of the newly rebadged Chevrolet Prizm began in late 1997 as the Geo brand was phased out, alongside the newest North American generation of the Toyota Corolla. The last Prizm was built on December 13, 2001, resulting in a brief 2002 model year.

The Prizm was introduced in February 1989 for GM's then-new Geo brand of import cars, for the 1990 model year. The hatchback version sold through 1991 was a rebadged version of the Toyota Sprinter Cielo, although unlike the Sprinter (and Corolla liftback) it received the same front clip as the sedan. The sporty GSi model of 1990–1992 was notable for its 130 hp (97 kW) twin-cam engine, sport suspension, disc brakes, and 14-inch wheels, which made it as a spiritual successor to the 1988 Chevrolet Nova twin-cam but less of a limited edition, available in both body styles and a full array of colors compared to the earlier model's black-only color and sedan-only body style. They were the only four-door models offered with the 4A-GE engine in America; no other Toyota models ever offered that combination there. The regular engine offered 102 hp (76 kW). In addition to the base and the GSi, there was also a better-equipped standard-engine LSi model. In addition to more equipment, the LSi also received body colored bumpers.

In 1991, the lettering of the car's name was changed, and the B-pillar and door frames on base models were body-colored instead of black. The hatchback body style was dropped.

The Prizm was not sold in Canada, with GM offering a sedan version of the Geo Metro instead. The Geo Metro sedan was not available from Chevrolet dealers in the United States until 1995, although a Suzuki Swift-branded version was on sale from 1990.

Design patents were filed by the Toyota Motor Corporation on December 6, 1985, using a final design 1:1 representation, under application number 1985-051078 and registered on July 13, 1988, under registration number 0718088-005.

The Prizm's second generation, and the last under the Geo brand name, debuted in 1992 for the 1993 model year. The Prizm gained more room (resulting in an upgrade to United States Environmental Protection Agency "compact" car status), a driver's-side airbag, and a new 1.8-liter four-cylinder engine, optional on LSi trim. With the larger engine came a rear stabilizer bar, wider tires, and an optional automatic transmission with four speeds instead of three. A second airbag became standard in 1993 for the 1994 model year; leather seats were an option on the LSi of this generation. In contrast with the Sprinters sold in Japan, this generation Prizm lacked a front stabilizer bar in its suspension.