The concept for the Lead guitar series was a guitar that was cheaper than the Stratocaster but the same neck feel and kind of similar pickups. The smaller headstock was modeled after earlier Fender necks. The Leads were manufactured between 1979 and 1982. The body is slightly smaller and has a slightly different shape than the Stratocaster. Not a tremelo but a hardtail bridge with Telecaster-like rings on the back. Later, a Lead III also appeared, which was equipped with 2 humbuckers and which could be switched as single coils.

Leads were manufactured at Fender's factory in Fullerton, California, and were below the Stratocaster models of the time in price. They were eventually replaced by the Squier model in 1982 when Fender expanded its operations in Japan.

In 2020 Fender reintroduced the Lead II and III (made in Mexico) as part of their Player series.