The 500 metres speed skating event was part of the speed skating at the 1928 Winter Olympics programme.

The competition was held on Monday, 13 February 1928.

Thirty-three speed skaters from 14 nations competed.

(*) The record was set in a high altitude venue (more than 1000 metres above sea level) and on naturally frozen ice.

Bernt Evensen and Clas Thunberg each set a time of 43.4 seconds.