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The translation itself claims to be non-sectarian, 'inter-denominational' and evangelical. The translation project originally started as an attempt to provide a digital version of a modern English translation over the Internet and on CD-ROM without cost for the user: 'The NET Bible project was commissioned to create a faithful Bible translation that could be placed on the Internet, downloaded for free, and used around the world for ministry.' Many of those involved in the project's initial discussions eventually became part of the translation team. The NET Bible was initially conceived at an annual meeting of the Society of Biblical Literature in November 1995 in Philadelphia, Pennsylvania.

The translation and extensive notes were undertaken by more than twenty biblical scholars who worked directly from the best currently available Hebrew, Aramaic, and Greek texts.

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The New English Translation, like the New International Version, New Jerusalem Bible and the New American Bible, is a completely new translation of the Bible, not an update or revision of an older one (such as the New Revised Standard Version of 1989, which is a revision of the Revised Standard Version of 1946/71, itself a revision of the American Standard Version of 1901).