The two-wheeler comes with a refined 125cc ecothrust engine, new tank scoops, a premium 3D logo, bold-body coloured front visor and pillion grab rails.
It also features a first-time comprehensive white backlit, fully digital speedometer and low battery indicator, the Chennai-based company said in a statement.
The earlier version of Phoenix 125cc motorcycle was launched in September 2012.
"We have taken TVS Phoenix 125 to the next level, infusing an element of excitement into the product. The 2015 edition now comes with a whole range of features and added new styling elements," TVS Motor Company President and CEO K N Radhakrishnan said.
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The company claims the vehicle, which is available in six colours, delivers 67 km per litre mileage.
The 2015 edition TVS Phoenix is priced at Rs 51,990 for the drum and Rs 55,899 for disc-brake version (Ex-showroom New Delhi).
Phoenix 125cc would compete with Honda Shine, Bajaj Auto's Discover 125cc, Hero Glamour 125cc and Super Splendour.