Introduced in 1926, the 700 series was as smaller but more advanced tractor than the 702/703 series.

The new engine had a smaller displacement engine than its predecessor at just 3.570cc, but could rev reliably to 1.400-1.500 rpm, and produce up to 30 hp in later versions.
This great performance was largely do to the very innovative overhead valve design, derived from Fiats luxury saloon 519, at a time when all other Fiat trucks and cars used side valves.

A second innovation that came with the 700 series, was the fuel vaporizer, designed to make the tractor capable of running on cheap and easier to obtain heating oil. The system was later improved with a centrifugal governer at all engine speeds.
 
The third innovation was the reduction gear. Where the reduction gears on the 703 had been mounted externally in the wheel hubs, the system was now part of the gearbox and differential unit.
This made the tractor years ahead of its competitors, with some even still relying on chain drives.

The 700 series was the tractor the Italian market had been waiting for. Reliable, cheaper and more advanced than its competitors, and not least - Italian.

But the 700 series wasn't without its faults.

The main gearbox was still a three speed unit, with the two first being low gears, and the third now being a much higher gear. The two first were great for ploughing, and the third for road hauling at speeds up to 11 km/h for the 700/700A and up to 13 km/h for the later versions.
This gearing however, made it difficult to do fieldwork that required speeds in between second and third gear, like harvesting or working with a reaper binder. A factor that did count against its popularity among contractors. Fiat didn't really address this problem until the 600 series in 1949, but the 700 DVV did have a slightly higher first and second gear.

Another problem was lubrication, as the oil pump after a few days of inactivity would drain, resulting in dry startups, which over time would lead to engine failure. This could be remedied by installing a non-return valve to the oil pump.

Another small but annoying issue, was the bronze bearing upon which the starter handle rested. The bearing would wear and loosen, which would make it difficult for the starter handle to engage with the gears.

Continuously in production for 25 years, and with 4.651 examples made, the 700 series was still a very popular tractor, and proved to be Fiats most long-lived tractor model.