| Event: | Men's 500 metres speed skating |
| Games: | 1932 Winter |
| Venue: | James B. Sheffield Olympic Skating Rink |
| Date: | 4 February 1932 |
| Competitors: | 16 |
| Nations: | 4 |
| Win Value: | 43.4 |
| Gold: | Jack Shea |
| Goldnoc: | USA |
| Silver: | Bernt Evensen |
| Silvernoc: | NOR |
| Bronze: | Alexander Hurd |
| Bronzenoc: | CAN |
| Prev: | 1928 |
| Next: | 1936 |
The 500 metres speed skating event was part of the speed skating at the 1932 Winter Olympics programme. The competition was held on Thursday, February 4, 1932. 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.[1]
These were the standing world and Olympic records (in seconds) prior to the 1932 Winter Olympics.
| World Record | 42.6(*) |  Clas Thunberg | St. Moritz (SUI) | January 13, 1931 |
|---|---|---|---|---|
| Olympic Record | 43.4 | Clas Thunberg | St. Moritz (SUI) | February 13, 1928 |
| 43.4 |  Bernt Evensen | St. Moritz (SUI) | February 13, 1928 |
(*) 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.
Heat 1
| width=20 | Place | width=220 | Name | width=90 | Time | width=50 | Qual. |
|---|---|---|---|---|---|---|---|
| 1 | 44.3 | Q | |||||
| 2 | Q | ||||||
| 3 | |||||||
| 4 | |||||||
| 5 |
Heat 2
| width=20 | Place | width=220 | Name | width=90 | Time | width=50 | Qual. |
|---|---|---|---|---|---|---|---|
| 1 | 45.3 | Q | |||||
| 2 | Q | ||||||
| 3 | |||||||
| 4 | |||||||
| 5 |
Heat 3
| width=20 | Place | width=220 | Name | width=90 | Time | width=50 | Qual. |
|---|---|---|---|---|---|---|---|
| 1 | 44.9 | Q | |||||
| 2 | Q | ||||||
| 3 | |||||||
| 4 | |||||||
| 5 | |||||||
| 6 |
| width=20 | Place | width=220 | Name | width=90 | Time |
|---|---|---|---|---|---|
| 1 | 43.4 | ||||
| 2 | 5 m behind | ||||
| 3 | 8 m behind | ||||
| 4 | |||||
| 5 | |||||
| 6 |