The BTR-50 was developed in parallel to the PT-76 light tank as an amphibious APC using the same chassis. It is also unique among the BTR series of vehicles in that it is the only one that is tracked, rather than wheeled. The main visual difference with the PT-76 is a new superstructure in the front of the vehicle but otherwise retains the boat-like hull. Initial production variants featured an open-topped troop compartment capable of fitting as many as 20 troops but this was eventually replaced by an armored roof later in the production run. Additionally, initial versions could also carry anti-tank guns and divisional guns of up to 85-mm caliber through a ramp at the rear of the hull. These could be fired while on the vehicle although only when the water jets were in operation. The BTR-50 entered service with the Red Army in 1954 and soon became its principal infantry carrier, until replaced by the BMP-1 in the 1960s (a Soviet motor rifle regiment typically carried 90 BTR-50s across three battalions plus one command vehicle). It was also widely exported to Warsaw Pact nations and Soviet client states, seeing action in the 1967 and 1973 Arab-Israeli wars, which included use of captured Egyptian and Syrian units by the Israeli Army.

The BTR-50P (Ob'yekt 750) was the initial production variant characterized by the open-topped roof and no armament aside from an optional 7.62-mm pintle-mounted machine gun (a 14.5-mm machine gun was added in the BTR-50PA, which also had the rear loading ramps removed). The BTR-50PK was the first to feature an armored roof, with hatches to allow dismounting of troops, as well as an NBC protection system. Other variants included the BTR-50PU command vehicle, the BTR-50PK(B) armored recovery vehicle, the MTK mine clearing vehicle, and the MTR-1 repair vehicle. Many export operators had locally-modified variants which are too numerous to list. Most notable was the OT-62 TOPAS, built jointly by Poland and Czechoslovakia and is listed separately. East German versions were designated SPW 50P.