The SR20 was first flown on 21 March 1995.  FAA certification was achieved on 23 October 1998.  Hundreds of SR20s have been sold since the first was delivered in 1999. As of December 2006 over 2000 Cirrus aircraft had been delivered.

One of the major selling points for the SR20 is that it has a fully digital avionics suite with one 10-inch (250 mm) Avidyne FlightMax primary flight display and one multi-function display. A pair of Garmin GNS430s provide GPS navigation, conventional radio navigation, and radio communications.

The SR20, like the faster SR22, is equipped with the Ballistic Recovery Systems Cirrus Aircraft Parachute System, a large parachute which can be deployed in an emergency to lower the entire aircraft to the ground safely.

On 1 June 2004, the SR20 became the first aircraft to achieve the new European Aviation Safety Agency certificate for aircraft imported into the European Union.

In 2012 the manufacturer introduced a "60/40 flex seating" allowing three passengers in the back seat, provided two are children.