In 1996, Action Man celebrated his 30th anniversary, so Hasbro re-released the original figure with the modern body type. He came in a limited edition box that had a reprint of the original box he came in, whilst still retaining the main bright orange box of that era. He came with a bunch of accessories that are reproductions of the original 1966 toy molds, but now bigger to go with the new body style.
As evident here by this picture, while sharing similar details, the 1996 figure is taller and features slightly less articulation due to the larger body. The accessories are slightly different in terms of paint and molding as well.
In 2003, on Action Man's 40th anniversary, Hasbro released a series of boxed sets under the TIMELESS COLLECTION sub line. They were a series of 30 figures with a figure and accessory or kit that the figure would have come with 40 years ago.
In 2004, Modellers Loft announced that they had the rights to the original Palitoy molds and re-released them as they were, with the cardboard boxes with insert trays as they would have been in the 60s. They were sold for £35.
As Action Man is in his 50th year, Hasbro announced they are working with Art + Science international to bring Action Man back. They'll be released in June 2016, and will be returning the classic shoe box style and feature Douglas Hart artwork on the front. What does the future hold for Action Man? well, we'll have to wait and see.