The first year of the second generation for the Park Lane, 1964 saw some streamlining being done, as well as comfort upgrades. The Mercury line was the middle line for Ford. The Park Lane being the more luxuriously appointed option model for the Mercury.

For the 1964 model year, the Mercury Park Lane made its return as the Mercury division expanded its model line. Above the Monterey and newly reintroduced Montclair, the Park Lane again topped the Mercury line. In contrast to the previous generation, the Park Lane used the same wheelbase as other Mercury lines, differing primarily in trim.

As the highest-priced, premium trim, many Park Lanes were fitted convertible tops and a variety of engine options. Only 1,967 of the convertible options were manufactured and made these body styles the most exclusive in the lineup.

Additional performance options included a heavy-duty battery, power steering, power brakes, and tachometer. Luxury options included padded visors, two-tone paint, outside remote-control rearview mirror, tinted windshield and glass, push-button AM radio, and padded instrument panel.