It bore minor cosmetic differences to the preceding model, the XA, aimed at giving the car a more muscular stance.
First time equipment offerings included standard front disc brakes on all models and an available carpeted interior.
The XB Falcon range included the following models:
- Falcon Sedan
- Falcon Wagon
- Falcon Utility
- Falcon Van
- Falcon 500 Sedan
- Falcon 500 Hardtop
- Falcon 500 Wagon
- Falcon 500 Utility
- Falcon 500 Van
- Futura Sedan
- Fairmont Sedan
- Fairmont Hardtop
- Fairmont Wagon
- Falcon GT Sedan
- Falcon GT Hardtop
A Grand Sport Rally Pack option, which included bonnet scoops, striping, GS insignia and "GT" instrumentation, was available on Falcon 500, Futura and Fairmont models. Among the limited edition variants of the XB was the John Goss Special, released in 1975 and named for the race driver who took a Falcon to victory in the 1974 Hardie-Ferodo 1000 Touring Car race at Bathurst.
Production of the XB series totalled 211,971 vehicles.
Allan Moffat won the 1974 Sandown 250 driving an XB Falcon GT Hardtop. He also won the 1976 Australian Touring Car Championship driving an XB Falcon GT Hardtop and drove both an XB Falcon GT Hardtop and an XC Falcon GS Hardtop to win the 1977 Australian Touring Car Championship.
In the movie Mad Max, Mel Gibson's black Pursuit Special was a limited GT351 version of a 1973 Ford XB Falcon Hardtop. Two 1974 XB sedans were also used as Main Force Patrol pursuit vehicles.
A 1974 Ford XB Falcon GT Hardtop is the main subject of the movie Love The Beast starring Eric Bana. The film documents the 25 year history of Eric Bana's XB Falcon, which he purchased at the age of 15.