The unit was originally formed on 1 July 1943 as the II Battalion, 11th SS Panzer Regiment and sent to Yugoslavia to fight as infantry; however, at the end of November, the battalion was converted back to armoured.

The Battalion was then issued six Tiger I tanks in February for training, but then ordered to give them to another unit in March 1944.

On 14 November 1944 the unit was redesignated 503rd Heavy SS Panzer Battalion.

It had a total of 39 (instead of the full complement of 45) Tiger IIs and was loaded onto trains on 27 January 1945, and sent to the Eastern Front in the Army Group Vistula sector.

The 503rd ended the war fighting in the Battle of Berlin as part of Kampfgruppe Mohnke.