The iMac "Core i7" 3.1 21.5-Inch Aluminum (Late 2012) technically is a "configure-to-order" configuration of the iMac "Core i5" 2.9 21.5-Inch Aluminum (Late 2012), but also is documented as a separate model for reader convenience. Other than processor (and the corresponding level 3 cache), these two models are identical.

The iMac "Core i7" 3.1 21.5-Inch Aluminum (Late 2012) features a 22 nm Quad Core 3.1 GHz Intel "Core i7" I7-3770S (Ivy Bridge) processor with four independent processor cores on a single chip, an 8 MB shared level 3 cache, 8 GB of 1600 MHz DDR3 SDRAM (which is not intended to be upgraded after purchase), a 1 TB (5400 RPM) hard drive, and a NVIDIA GeForce GT 650M graphics processor with 512 MB of dedicated GDDR5 memory. It also has a built-in "FaceTime HD" webcam and stereo speakers, but lacks an optical drive.

This model has a 21.5" 1920x1080 LED-backlit 16:9 widescreen IPS display with the "cover glass fully laminated to the LCD and anti-reflective coating." The rear of the case is aluminum and is thicker in the middle and tapers to a razor thin 5 mm at the edges.

Connectivity includes four USB 3.0 ports, dual Thunderbolt ports, Gigabit Ethernet, 802.11n, and Bluetooth 4.0.

In addition to a thinner case design, the "Late 2012" iMac models have faster processors, faster architectures, faster RAM (although it cannot be upgraded easily in the 21.5-Inch models), faster graphics, as well as different connectivity than the "Mid-2011" iMac line replaced.

The "Late 2012" iMac models include a compact aluminum Apple Wireless Keyboard and the choice of either a multi-touch "Magic Mouse" or a multi-touch "Magic Trackpad" that "enables users to scroll smoothly up and down a page with inertial scrolling, pinch to zoom in and out, rotate an image with their fingertips and swipe three fingers to flip through a collection of web pages or photos."