The 500 metres speed skating event was part of the speed skating at the 1948 Winter Olympics programme.

Forty-two speed skaters from 15 nations competed.

(*) The record was set in a high altitude venue (more than 1000 metres above sea level) and on naturally frozen ice.

Five speed skaters were faster than the standing Olympic record.

Finn Helgesen set a time of 43.1 seconds.