The older Mk 46, designed for open-ocean use, performed poorly in the littoral areas, where the Navy envisioned itself likely to operate in the future.

It shares much of the software and computer hardware of the Mk 48 ADCAP heavy torpedo, based around a custom PowerPC 603e microprocessor.

In March 2010 the Fifth Fleet requested improvements in the Mk 54's performance against diesel-electric submarines via an Urgent Operational Need Statement (UONS).

The P-8 Poseidon uses the High-Altitude Anti-Submarine Warfare Weapons Capability (HAAWC) GPS-guided glide kit to drop torpedoes from high altitude.

[5] In May 2019 Canada requested 425 Mk 54 lightweight torpedo conversion kits, plus ancillary training, exercise and maintenance spare parts.