The New Balance 550 was initially launched in 1989 as an alternative to the New Balance 650 for basketball players. The design, by Steven Smith, focused on on-court performance, featuring a leather upper for durability and an ENCAP cushioning system for comfort and support.

The sneaker has a predominantly off-white/light beige upper with overlays and accents on a light sky blue in the branding, heel, tongue, and gum sole.

Although it had been out of use for some time, the 550 saw a resurgence in popularity in 2020 following a collaboration with Aimé Leon Dore.