The aircraft's wing is mounted midway up the fuselage and is of thick, symmetrical section to aid inverted flight.

The powerplant is the same tractor configuration 360 horsepower (270 kW) Vedeneyev M14P engine driving a two-bladed V-530TA-D35 propeller, as used by the Yak-50, while the aircraft has a fixed undercarriage with titanium sprung main gear and tailwheel.

[3][4] The prototype Yak-55 first flew in May 1981, was unveiled at the Moscow Tushino air show in August 1982 and displayed (but did not compete) at the 1982 World Aerobatic Championships.

[3] The Yak-55 was therefore redesigned with new wings with shorter span, reduced area and a thinner but still symmetrical aerofoil section, giving an increased rate of roll and speed.

[1] The aircraft has been relatively free of Service Bulletins and Airworthiness Directives and has proved exceedingly effective in competition at all levels.