This version allowed user to consolidate up to 80 projects. Additionally it was the first version to use VBA macro language and introduced screen tooltips, Cue Cards, GanttChartWizard, Calendar view, Assign Resources dialog, recurring tasks, workgroup abilities, Drawing toolbar, Microsoft Project Exchange file format support, OLE 2.0 and ability to create reports. Microsoft Project 4.0 was the first to use common Office menus, right-click context menus, Acme setup program and the last to support Windows 3.1x, Windows NT 3.1 and 3.5. Microsoft Visual Basic 2.0/3.0, Works 2.0, Access 1.x. The setup program now runs in Windows, and it is based on Microsoft's own setup program, which was also used by e.g.

Microsoft Project 3.0 introduced macro support, toolbars, print preview, DDE and OLE support, spell checking, Resource Allocation view and Planning Wizards and was the last to support Windows 3.0. The setup program runs in DOS, like most Windows-based applications at the time. It came bundled with Windows 2.x runtime but was fully compatible with Windows 3.0, especially Standard and Enhanced modes.

Microsoft Project 1.0 was the only version to support Windows 2.x ( Windows 2.0 and Windows 2.1x). The Mac Business Unit never released an updated version of Project, and the last version does not run natively on macOS. In 1994, Microsoft stopped development of most of its Mac applications and did not offer a new version of Office until 1998, after the creation of the new Microsoft Macintosh Business Unit the year prior. Microsoft Project 4 for the Mac included both 68k and PowerMac versions, Visual Basic for Applications and integration with Microsoft office 4.2 for the Mac. Development continued until Microsoft Project 4.0 for Mac in 1993.

In 1991 a Macintosh version was released. The first Windows version was released in 1990, and was labelled version 1 for Windows. Version 4 for DOS was the final DOS version, released in 1986. Microsoft bought all rights to the software in 1985 and released version 2. The first commercial version of Project was released for DOS in 1984.

Boyd wrote the specification and engaged a local Seattle company to develop the prototype. Boyd, Microsoft's Manager of Product Development, introduced the application as an internal tool to help manage the huge number of software projects that were in development at any time inside the company. Bredehoeft formed Microsoft Application Services (MAS) during the birth of the application and the company later entered an OEM agreement with Microsoft Corporation. The idea originated from the vision of Ron Bredehoeft, a former IBM S/E and PC enthusiast in the early 1980s, to express the recipe and all preparation for a breakfast of eggs Benedict in project management terms. 'Project' was an MS-DOS software application originally written in Microsoft 'C' (and some assembly) language for the IBM PC.

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