The Millennium Falcon, originally known as YT-1300 492727ZED, was a modified YT-1300 light freighter with a storied history stretching back to the decades before the Clone Wars and the rise of the Galactic Empire. Manufactured by the Corellian Engineering Corporation in 60 BBY, the light freighter was first owned by Corell Industries Limited and underwent several name changes before being bought by the smugglers Kal and Dova Brigger in 48 BBY, and the ship eventually ended up as the property of the secretive Republic Group under the name Stellar Envoy by 29 BBY. The Envoy was destroyed in a collision with a bulk freighter above Nar Shaddaa, but it was rebuilt and served various owners under different names before Quip Fargil named it after the bat-falcon, and it eventually fell into the hands of Lando Calrissian after a game of sabacc - but Calrissian himself lost the ship in another game of sabacc to the smuggler Han Solo several years later. Solo and his Wookiee copilot, Chewbacca, became the ship's most famous and permanent owners, flying the Falcon during their smuggling careers and their subsequent work with the Alliance to Restore the Republic; a fateful trip to the planet Alderaan from Tatooine, ferrying Ben Kenobi and Luke Skywalker there saw Solo and the Falcon embroiled in the Alliance's affairs and participating in the historic Battle of Yavin - during which Solo and Chewbacca flew the Falcon to save Skywalker from Imperial TIE fighters and allowed him to fire the shot that destroyed the Death Star.

Despite Solo's insistence that he did not work for the Alliance, his misadventures continued to draw him back to the Rebels and Princess Leia Organa, and the Falcon was present for many pivotal battles of the Galactic Civil War such as the Battle of Hoth and the Endor Campaign - where Lando Calrissian and his copilot Nien Nunb flew alongside Wedge Antilles into the second Death Star's superstructure and fired the shots that spelled the massive battle station's destruction.
Under the ownership of both Lando and Han, the Falcon underwent countless modifications and rebuilds. Lando had hidden cargo sections installed under the Falcon's deck plates that proved to be crucial. They provided both Lando and Han easy storage for their smuggled cargoes and hid the crew when the ship was captured by the first Death Star. Lando also increased the ship's shields and installed a pair of smaller blasters on the bow mandibles. The Falcon featured duralloy plating over most of the vital areas of its hull and a sheet of armor plating from the Liquidator aft of the starboard docking arm. In addition, the ship was equipped with a set of advanced Kuat Drive Yards, Novaldex, and Nordoxicon shield generators "liberated" by Solo from the Myomar shipyards. These shield generators gave the Falcon warship-grade shielding, allowing it to survive laser hits that would destroy an ordinary YT-1300. A set of high-grade sensor suites were tied into the Falcon's oversized rectenna sensor dish. Powerful sensor jammers also protected the ship in combat.