The Yak-50 was developed in 1975 to provide Soviet competitors with a new aircraft for the aerobatic competition. The aircraft follows the line begun with the post-war Yak-18. It debuted successfully at the 8th World Aerobatic Championships at Kiev in 1976 - winning the first two men's places and first five women's. The aircraft has subsequently been used by flying schools and the DOSAAF aeroclubs. Production ceased in 1985 in favour of the two seat Yak-52 and single seat Yak-55.

The example illustrated below, ZK-YAC (c/n852904) was built in late 1985, and is therefore one of the last completed. It served with the DOSAAF organisation, accumulating 46 hours. Removed from service and stored as surplus, the aircraft was acquired by Yak UK Ltd after being overhauled at the end of 1994. The aircraft was entered on the Lithuanian register as LY-ANQ before joining the UK register as G-BWCF. Acquired by the Alpine Fighter Collection, the aircraft was displayed at the 1996 and 1998 Warbirds over Wanaka airshows by Yak UK Ltd owner, and 1994 British National Aerobatic Champion Mark Jefferies. The aircraft has subsequently been sold and exported (May 1998 - NZ registration withdrawn 15 June, 1998) to its new owner, Gunter Mayr, in Melbourne, Australia.