Specifically designed to be a target and match rifle, the Remington 40 comes in many variants, each designed for a different type of match or target shooting. The first Model 40s were introduced in 1961. They are built on a modified Model 700 action, but the receivers and stocks are modified to give the rifle extra rigidity. In 1961, the line debuted with the Model 40X, which was built until 1964; this version had a straight-comb stock and a half-length fore-end. Standard Model 40Xs lacked checkering, but this could be had with special orders. There were also certain standard chamberings (shown below), but others could be had upon special order. All had sturdy non-slip rubber buttplates and heavy 28-inch match-quality barrels. It had no optical sights (none of the Model 40 series did), but had mounting blocks for telescopic sights and rails for aperture sights. The fore-end was squared and had a track for the mounting of an adjustable hand stop. Also introduced in 1961 (and produced until 1964) was the International Match Free Rifle; this version had a 28-inch match quality extra-heavy barrel, a match-quality adjustable trigger, a thumbhole stock, and a choice of adjustable hooked or rubber buttplates. The fore-end had an adjustable palm rest as standard, in addition to an adjustable hand stop/swivel anchor. The receiver is drilled and tapped for a scope mount, and mounting blocks were also included. The Model 40XR was also introduced in 1961 and is still being produced; it is basically an extra-heavy-barrel of the Model 40X, with an adjustable cheekpiece and buttplate.

In 1964, the models introduced included the International Free Rifle, replacing the International Match Free Rifle; though it was built for 10 years, only 107 were made. It was basically the same as the International Match Free Rifle, except that tolerances of the parts were tightened and the bolt handle was given a rearward sweep. For game purposes, it is identical to its predecessor. The Model 40XB Rangemaster had a slightly shorter barrel (27.25 inches), an expanded range of chamberings, and a choice of a match-quality standard-weight barrel or a heavy barrel. Standard-weight versions were single shot weapons; heavy-barrel variants had internal magazines. In other areas, it is similar to the Model 40X, except that after 1980, barrels were made from stainless steel. This model is still being built. A variant of the Model 40XB Rangemaster, the Rangemaster Rimfire, was chambered for .22 Long Rifle, had a 28-inch heavy barrel, and was a single-shot weapon, with a fixed rubber buttplate. A further variant, the Model 40XB Rangemaster Rimfire Repeater, was identical but magazine-fed. All three of these were produced until 1974.

In 1969, The Model 40XBBR bench rest rifle was introduced; it used a 26-inch extra-heavy match-quality stainless steel barrel, and a straight-comb stock with a rounded half-length fore-end (for proper fitting into bench rests). This rifle was produced until 1990. The Model 40X Sporter was also introduced this year; it was a version combining the standard Model 40X action with the Model 700ADLs stock, and is identical to the Model 40X for game purposes. It was built until 1977, then revived for a few months in 1980, and was produced only in small numbers.

In 1974, the Model 40XC National Match was introduced; this was designed specifically for military rifle matches, and fired only 7.62mm NATO ammunition. The barrel was a 26-inch heavy match barrel. It was fed by stripper clips. The stock was of walnut with a pistol grip wrist that had a thumb groove, a half-length fore-end which was level with the underside of the trigger guard, and adjustable buttplate and hand stop, and was drilled and tapped for a scope mount. It was produced until 1989.

1986 introduced a variant of the Model 40XR. The Model 40XR Custom Sporter is a rimfire variant of the Model 40XR, made in several grades, and often built to individual requirements by the Remington Custom Gun Shop. This model is still being produced. The stats for an average Model 40XR Custom Sporter are identical to the .22 Long Rifle variant of the Model 40XR.

1987 brought the Model 40XBBR KS; this was basically a Model 40XBBR with a Kevlar stock and somewhat different chamberings. This model is still being produced. Also introduced in 1987 was the Model 40XB KS; this is basically a Model 40XB Rangemaster with a Kevlar stock and a 27.25-inch barrel; it was also limited in caliber to .220 Swift. It too is still being produced.

In 1988, a Kevlar-stocked version of the Model 40XR, the Model 40XR KS, was introduced. It is still being produced. The Model 40XC National Match KS was also introduced; it is a Model 40XC National Match with a Kevlar stock. It is also still being produced. 1988 also brought the Model 40XR KS National Match, chambered only for 7.62mm, and with a 24-inch heavy match-quality stainless steel barrel, as well as a stainless steel receiver and action. The stock has a palm swell and hand stop. It is still being produced.