The RR500TP turboprop variant was intended for use in small aircraft.

The RR500TS was the turboshaft variant designed for light helicopters.

The RR500 is a larger derivative of the Rolls-Royce RR300 turboshaft, with the engine core scaled-up for increased power.

[1] The basic weight of the engine with accessories is 250 lb (113 kg).

Like its predecessor the Rolls-Royce Model 250 and all turbine engines (including the competing Pratt & Whitney Canada PT6), it is claimed to require less frequent maintenance than piston engines of similar power, albeit with the higher maintenance costs associated with turbine engines.