The women's K-1 500 metres event was an individual kayaking event conducted as part of the Canoeing at the 1960 Summer Olympics program on Lake Albano.
The top three finishers from each of the heats advanced directly to the semifinal on the 27th while the rest competed in the repechages the 26th.
The seven competitors raced in two repechages on August 26.
The top three finishers from each of the repechages advanced directly to the semifinal on the following day.
The top three finishers in the semifinal (raced on August 27) advanced to the final.