Model 1892 was an updated successor to Model 1873, using a scaled down version of Model 1886 action. Chambered for popular smaller cartridges of the day, namely .25-20, .32-20, .38-40, .44-40 and rare .218 Bee. Built between 1892 and 1932, with slightly more than 1 million sold. Carbine model continued to be offered until 1941.

Model 1892 was available in several different configurations:
1. Sporting Rifle: solid-frame or take-down (worth 20 percent extra premium); 24" round, octagon or half-octagon barrel; 1/2, 2/3 or full magazines; plain straight-grip walnut stock, with capped forearm.
2. Fancy Sporting Rifle: solid-frame or take-down (worth 20 percent extra premium); 24" round, octagon or half-octagon barrel; 1/2, 2/3 or full magazines; checkered walnut pistol-grip stock; checkered capped forearm.
3. Carbine: 20" round barrel; full or half magazine; plain walnut straight-grip stock, with one barrel band forearm. Carbines offered only with solid-frames.
4. Trapper's Carbine: 18", 16", 15" or 14" round barrel, with same dimensions of standard carbine. Federal law prohibits possession of rifles with barrel lengths shorter then 16". Model 1892 Trapper's Carbine can be exempted from this law, as a curio and relic, with federal permit providing trapper is an original trapper and left the factory with the short trapper barrel.
5. Musket: 30" round barrel, with full magazine. Almost full-length forearm held by two barrel bands. Buttstock plain walnut, with straight-grip.

NOTE: Add 10 percent premium for Antique Winchester Model 1892s (pre-1898 manufacture). Premium for antique specimens made prior to 1899 with serial numbers lower than approximately 165432.