The women's K-2 500 metres event was a pairs kayaking event conducted as part of the Canoeing at the 1972 Summer Olympics program.
The 12 crews first raced in two heats on September 5. The top three finishers from each of the heats advanced directly to the final; the remaining six teams were relegated to the semifinal.
The top three finishers in the semifinal (raced on September 8) advanced to the final.
The final was held on September 9.