Known initially as the Fairey Type Q, the prototype of the Fairey Gannet (VR546) flew for the first time on 19 September 1949, the second prototype (VR557) flying on 6 July 1950.

The Mamba was named after the company which conceived the design, the Melbourne Aircraft Manufacturing Basic Aircraft Project, and the prototype VH-JSA (c/n P-001) first flew on 25 January 1989 fitted with a 87-kw (116-hp) Textron Lycoming O-235 engine.

In March 1948, following a series of meetings between members of the British Ministry of Supply and the Australian Department of Supply and Development, specification No E.7/48 was issued to cover the design and manufacture of a small high-speed pilotless target aircraft for use in the guided weapon development program.