The 500 metres speed skating event was part of the speed skating at the 1932 Winter Olympics programme.

Sixteen speed skaters from four nations competed.

Like all other speed skating events at this Olympics the competition was held for the only time in pack-style format, having all competitors skate at the same time.

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

In the final Jack Shea equalized the Olympic record with 43.4 seconds, but in pack-style format.