The women's K-1 500 metres sprint canoeing event at the 2020 Summer Olympics took place on 4 and 5 August 2021 at the Sea Forest Waterway.

The reigning World Champion (who also won the 2015 World Championship and the bronze medal at the 2016 Games) is Lisa Carrington of New Zealand, who earned a place for her NOC and has been selected to compete.

Carrington's and Khudzenka's quota places went through the reallocation process because they also qualified in K-4 boats.

Sprint canoeing uses a four-round format for events with at least 11 boats, with heats, quarterfinals, semifinals, and finals.

The specifics of the progression format depend on the number of boats ultimately entered.