The 500 metres speed skating event for women was part of the demonstration sport programme of the 1932 Winter Olympics.

Ten speed skaters from two nations competed.

Like all other speed skating events at this Olympics the competition was held 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.

Dorothy Franey skated the 500 metres in 54.8 seconds at the National Women's Championships at Oconomowoc, but in pack-style format.