The Yakovlev Yak-54 was a result of the modification of the Yak-55M single-seat aerobatic aircraft. In 1992, the prototype of one of the variants of Yakovlev Yak-55 designated as the Yak-56 was expected to fly, however, due to the delays in the production of the 300-horsepower VOKBM M-16-8 piston engine, Yakovlev opted to produce the Yak-54 instead.

On December 23, 1993, the Yak-54 took to the skies for the first time. The aircraft is a two-seat sport and aerobatic monoplane used for training sports pilot for aerobatic flights as well as for partaking in the sports competitions in the air.

The Yak-54 features an all-metal design and is conventionally easy and economical to fly. It is designed with an expanded range due to a ferry tank located on the right wing and uncomplicated access to the aircraft systems. It is also designed with a luggage compartment and features a back flat parachute. The semi-monocoque fuselage has an eternal length of 6.91 meters, an external height of 1.65 meters, and a width of 1 meter. The non-retractable spring undercarriage has a wheelbase of 4.9 meters. The mid-wing has a wingspan of 8.15 meters and a wing area of 12.89 square meters.

The Yakovlev Yak-54 is fitted with a single AOOT M-14P piston engine. It is a nine-cylinder, four-stroke, air-cooled radial engine with a maximum power of 360 hp and drives a three-bladed, constant-speed, variable-pitch propellers. The aircraft features a high thrust to weight ratio and better maneuverability that produces the complete set of aerobatic maneuvers.

It has a maximum speed of 243 knots, a stall speed of 60 knots, and a ferry range of 378 nautical miles. The Yak-54 has a service ceiling of 13,125 feet and a rate of climb of 2,955 feet per minute. It has a takeoff distance of 170 meters and a landing distance of 400 meters. The maximum takeoff weight is 990 kg for two-seat operation and 850 kg for single-seat operation. It has a maximum payload of 90 kg.