Pratt & Whitney developed the combustor and the two-stage air-cooled high-pressure turbine, while the Japanese Aero Engine Corporation provided the low-pressure compression system.

MTU Aero Engines were responsible for the five-stage low-pressure turbine and Fiat Avio designed the gearbox.

This engine promised better fuel burn on the Airbus A320 than the competing CFM56-5A; however, initial reliability issues, coupled with insufficient thrust for the larger A321, prompted the development of the improved V2500-A5 variant.

This engine retains the configuration of the V2500-A5 but is fitted with different mounting hardware and accessory gearboxes to facilitate installation on the McDonnell Douglas MD-90.

This engine retains the configuration of the V2500-A5 but is fitted with different mounting hardware and accessory gearboxes to facilitate installation on the Embraer KC-390.

A number of de-rated engines compliant with Stage 4 noise regulations have been produced from the -A5 configuration, as well as two variants with significant increase in thrust, thus expanding the thrust range from 23,500 lbf to 33,000 lbf: On October 10, 2005, IAE announced the launch of the V2500Select—later called V2500SelectOne—with a sale to IndiGo Airlines to power 100 A320-series aircraft.