Pioneer introduced the CLD-D703 to fit in between the CLD-D503, a mid-range player, and the more expensive models in their Elite lineup. Although lacking an AC-3 RF output for transmission of Dolby Digital sound, it did include a 51db video signal-to-noise ratio, 116db audio signal-to-noise ratio, quick Gamma-Turn side flip, digital field memory, one shot memory (for displaying a frame as a background), coaxial and TOSLINK audio outputs, adjustable digital noise reduction, digital time base correction, twin 1-bit DLC digital-to-analog converters, and a backlit remote control with jog dial. This model is also a combi player, meaning it could also play Compact Disc and CD Video via an independent standard CD-sized tray.

For 1995, Pioneer upgraded the player, adding the AC-3 RF output and rebranding it as the CLD-D704. Pioneer used the CLD-D703/704 hardware for two other Elite lineup players: the CLD-79, which had different electroluminescent front panel placement, gold-plated RCA jacks, and slightly higher audio signal-to-noise ratio; and the CLD-99, similar to the CLD-79 but with an improved 3D comb filter that worked via the S-Video output to increase picture quality.

After the discontinuation of this model, the CLD-D704, CLD-79 and 99, Pioneer began abandoning LaserDisc in 1996 with the release of the DVD format set for the following year.