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The first versions of the Grenade Launcher Module were intended to be attached to the XM8 Lightweight Carbine and were more visually similar to the original AG36. Development of what was first designated XM320 began as part of the Objective Individual Combat Weapon's (OICW) Increment 1, the development of a 5.56mm Modular Assault Weapons System, derived from the so-called kinetic energy (KE) component of the orginial OICW design. The M320 Grenade Launcher Module (GLM) is a derivative of the German-made Heckler and Koch AG36. The latest in lightweight material composites are used to improve durability. The new pistol grip design eliminates the need to use the magazine as a hand grip. If the weapon misfires, the operator can pull the trigger again, compared with the M203, which requires cycling of the breech to re-cock the firing pin and pulling the trigger again. The M320 is more reliable and safer because it uses a more modern double-action trigger/firing system. The building block design approach of the M320 allows for a choice of three distinct sighting systems. The sights for the M320 are attached directly to the grenade launcher's receiver ensuring the zero (aiming/impact point) of the weapon is retained when it is removed and later reinstalled on another weapon or when its used in the stand-alone mode. Located on the side of the launcher, the sighting system design lessens interference with rifle and carbine sights, reduces attaching operations to one action, and eliminates the need to re-zero after reattaching to a weapon. A mechanical ladder sight can also be used in combination on the M320 launcher.

of Londonderry New Hampshire provides a high probability of 24-hour first round target engagements within 5 meters out to 350 meters. A ranging day/night sight produced by Insight Technology, Inc. The weapon's sighting system allows soldiers to target enemies accurately in daytime or nighttime, and reduces aiming error while increasing first-round hit probability.

It also has a side-loading unrestricted breech that allows the system to fire longer 40mm low-velocity projectiles (NATO standard and non-standard). The M320 improves on existing grenade launchers with an integral day/night sighting system and improved safety features. Both weapons are generally referred to only as the M320 and the basic weapon can also be used in a stand alone configuration, which includes a collapsible buttstock. The M320 is designed for attachment to the M16A4 rifle, while the M320A1 is designed for attachment to the M4 carbine. The M320 40mm grenade launcher is an interoperable system, attaching under the barrel of the rifle or carbine and can convert to a stand-alone weapon.