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The fourth generation Altima was announced at the 2006 New York Auto Show on April 12, 2006. It is the first vehicle to use the smaller Nissan D platform, with a new front and upgraded rear suspension. The wheelbase is 1 inch shorter than the third generation Altima, but interior space is mostly unchanged. The Maxima and Murano will continue on the larger FF-L platform.

The 2007 Altima uses revised versions of the engines in the third generation model. The VQ35DE 3.5 L V6 engine will produce 270 hp, and the QR25DE 2.5 L I4 will produce 175 hp (130 kW). A 6-speed manual is standard, and a continuously variable transmission replaces the traditional automatic as the optional transmission. The Altima is the first product based on the new Nissan D platform, co-developed with Renault. The 2007 Altima sports some more recent innovations in the market, including, but not limited to, standard "push-button start" (Called "Renault Card"), Bluetooth capability for cell phones and a parking camera. The Altima SE-R, introduced in 2005 as a third generation Altima, does not appear at the launch of the fourth generation. The new 2007 Altima is promoted by the television commercial slogan, "Yup, it's that good!"

The Altima coupe was released on May 25, 2007 as a 2008 model.

First officially revealed at the 2006 Los Angeles Auto Show, the 2008 Altima Coupe is Nissan's first-ever two-door Altima. It has a shorter wheelbase, shorter overall length and lower height than the Altima Sedan.

The 2008 Altima Coupe is available with two engines: The same updated VQ35DE in the sedan, a 270 horsepower (201 kW) 3.5-liter 24-valve DOHC V6 or the QR25DE, a 175 horsepower (130 kW) 2.5-liter DOHC 16-valve inline 4-cylinder. The 4-cylinder version of the coupe has a base price of $20,490, while the 3.5-liter V6 will have a base price of $24,890.

Nissan entered an agreement with rival Toyota to use some of its hybrid technology in the new Altima for the 2007 model year. The Altima Hybrid Electric is Nissan's first hybrid car. The company has asserted that subsequent hybrid models will be based on hybrid technology developed in-house. Up to 40,000 per year will be built at Nissan's Smyrna plant. Sales of the hybrid model are limited to California, Connecticut, Maine, Massachusetts, New Jersey, New York, Rhode Island, and Vermont for the 2007 model year, with other states possible in subsequent years. The Altima hybrid is also available in Canada.

The Hybrid Altima features a 2.5 L QR25DE engine, CVT and electric motor/generator.

Its fuel efficiency is 6.7 L/100 km (35 mpg US) city and 7.1 L/100 km (33 mpg US) highway, based on revised EPA measures for fuel economy ratings. In 2007 the Altima Hybrid was rated at 42 mpg city and 36 mpg on the highway.