The Type 95 was similar to the U.S. Navy's contemporary Mark 16 hydrogen peroxide torpedo, which had a shorter range, slightly lower top speed and a larger and nearly twice as powerful warhead at 580 Kilograms filled with TORPEX or HBX/HBX-3 Explosive.

It was intended to be fired from a standard 533 mm (21.0 in) torpedo tube of a submerged submarine.

The Type 95 was the fastest torpedo in common use by any navy during World War II.

Its warhead size was the largest of any submarine torpedo, and second only to the Type 93 used by Japanese surface ships.

Its engine was a kerosene-oxygen wet-heater rather than the compressed air used by most torpedo types at the time.