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Mark IV was a type of TARDIS, far more advanced than the Doctor's TARDIS.

The Monk's TARDIS was a Mark IV, which he stole from Gallifrey when he became a renegade Time Lord fifty years after the Doctor left. A Mark IV TARDIS had a smoother materialisation action compared to the earlier Type 40. (AUDIO: The Resurrection of Mars)

A Mark IV TARDIS had a directional unit that was far more powerful than the directional unit of the Type 40 TARDIS. The First Doctor stated that the increased energy rate would destroy the time rotor if one was added to his console. The First Doctor stole the directional unit from the Monk's TARDIS, and it burnt out in the Doctor's TARDIS after one use. (TV: The Daleks Masterplan)

The Mark IV TARDIS featured components not found in the older models like the Type 40 such as a neutrino filter and a Tau accelerator, (AUDIO: The Book of Kells) and unlike many other models, the central console was slightly elevated. (TV: The Time Meddler)

It also had an automatic drift control which suspended the TARDIS in space with absolute safety. (PROSE: The Time Meddler)