Released in 2011, the first volume of the series was released to pretty moderate fanfare. Originally retailed at $60 USD, this set came as a digibook intended for both collectors and families to learn a bit about the production of some of the "all-time favorite" shorts. Containing fifty shorts, it became the first release overall to be available on Blu-ray format, upgrading shorts to the HD format resolution.

Although most shorts are the same prints from the Golden Collection, it is worth mentioning that some of these shorts were also newly restored. The majority of these shorts that were given new restorations were previously present on the first two volumes of Golden Collection; around the time shorts were primarily restored for the SD resolution in mind. Since it wouldn't fare well to simply upscale an SD restoration, they were newly restored for the HD resolution. Some critics have pointed out that some of these prints have added minor DVNR that wasn't present in their original Golden Collection versions but otherwise are more cleaned up from their original restorations, some of which were originally released as their 1998 dubbed versions.

Disc 1 serves as the "all-star" portion of the set, containing what is considered by many to be the best shorts released from the mainline Looney Tunes cast. Only a single new short is present on this disc, being "Lovelorn Leghorn".

Disc 2 contains a few more new shorts, although a good portion of them are still from the Golden Collection. The first six shorts are some of the more famed one-shots, while the rest of the shorts are aimed at completing the filmographies of several minor characters. These characters that got their filmographies completed include Marvin the Martian, the Tasmanian Devil, Witch Hazel, and Ralph Phillips. While Marc Anthony and Pussyfoot were listed to have their filmographies completed, it actually omits the final of the duo's shorts, "Cat Feud".

Disc 3 is the bonus disc and contains several documentaries, alongside a few bonus shorts directed by Chuck Jones. Also included are nine bonus post-Golden Age shorts; in spite of that, none are restored except for "Museum Scream" ("Superior Duck" is also restored but is the same SD print from The Essential Daffy Duck, despite being restored for HD in the first place). However, the most significant shiner of the bonus shorts is the inclusion of "The Door", a Seven Arts era short that was rarely seen before that ended up being part of the Looney Tunes catalog. Unlike several of the bonus features, "The Door" was properly restored on this set, making it technically the first Seven Arts era short on Blu-ray.

In addition to the standard version, another version of this volume, under the "Ultimate Collector's Edition" label, was also released, originally retailing at $80 USD. It was limited to 36,000 units (which were all numbered) and was sold as a larger box containing the digibook and several pieces of merchandise related to the franchise, including a litho cel, shot glass, and tin sign.

In addition, a DVD version of the set was released about half a year later after the Blu-ray was slowly getting sold out, primarily for the general family audience that would likely not care much about the several collector features included. The DVD version is heavily stripped down from the Blu-ray version, losing the third disc of bonus features, while all other bonus material like commentaries and featurettes was also lost on the other two discs.

Region 2 releases appear to only include the first disc, essentially making it a clone of the later released Showcase Blu-ray.

For a long time, the Blu-ray was out of print, leading to only the DVD option being available as a budget choice. Only by June 24th, 2025, would the Blu-ray see a reissue for contemporary collectors. However, the reissue is in an Amaray case instead of a digibook, with the digibook contents entirely absent.