The Jagdpanzer Kanone (also designated JPz 4-5) tank destroyer was developed simultaneously with various other fighting vehicles including the Jadgpanzer Rakete and the Marder IFV. It was the first post-war tank destroyer developed for the Bundeswehr and incorporated numerous characteristics from Germany's extensive wartime experience with such vehicles. Externally, it strongly resembled the Jagdpanzer IV and features an all-welded hull albeit with only 50 mm of armor protection (increased thanks to slope) which was considerably less than most wartime tank destroyers. Armament consisted of a Rheinmetal BK 90 (90-mm) gun, mounted on the glacis plate and offset slightly to the right. It is capable of firing the same HEAT-T and HEP-T rounds of German M48 tanks. Lack of a prominent superstructure gave the vehicle a remarkably low profile, while a high power-to-weight ratio provided excellent mobility. The JPz 4-5 was never used in combat by the Bundeswehr and was eventually retired in favor of ATGM missile platforms. The only other export customer was Belgium which assembled them locally at Anvers.

Prototypes were built by both Hanomag and Henschel, in addition to one built by MOWAG of Switzerland. Production units, known as the JPz 4-5 were built by both companies, which shared the production run equally. No other variants were built although the Jagdpanzer Rakete shares the same hull and is described separately.