The women's K-2 500 metres sprint canoeing event at the 2020 Summer Olympics took place on 2 and 3 August 2021 at the Sea Forest Waterway.

The reigning World Champions are Maryna Litvinchuk and Volha Khudzenka of Belarus.

The reigning Olympic champions are Gabriella Szabó and Danuta Kozák of Hungary.

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.