It was designed and manufactured by HRC and debuted in 1996 for the Grand Prix motorcycle racing's 500 cc class.

The machine made an immediate impact with Okada securing pole position for its maiden race in 1996, in Malaysia.

Okada was to bring the new bike home in the Top 5 on six occasions, its best finish being a 2nd at the final race in Australia.

Honda continued to develop the V2 over the winter of 1996 and again entered the V2 as a works machine in 1997, this time piloted by Takuma Aoki.

Over the course of 1998 and 1999, Sete Gibernau, who replaced the injured Takuma Aoki rode the official V2 and reached the podium on two more occasions.

In 2000 Jurgen van den Goorbergh won Best Privateer, with Haruchika Aoki winning the same award the following year – both on board NSR500Vs.