It was based on the Type 93 torpedo (Long Lance) but mod 1 had a smaller 405 kg (893 lb) and mod 2 had a larger 550 kg (1,210 lb) warhead, shorter range and a smaller diameter. It was intended to be fired from a standard 533 mm (21.0 in) torpedo tube of a submerged submarine.
Its range was (for the mod 1) 9,000 m (9,800 yd) at 49-51 kn (91-94 km/h; 56-59 mph), or 12,000 m (13,000 yd) at 45-47 kn (83-87 km/h; 52-54 mph),  which was about three times the range of the American Mark 14 at the same speed.
The Type 95 was the fastest torpedo in common use by any navy at the time. Its warhead size was the largest of any submarine torpedo, and second only to the Type 93 used by Japanese surface ships. Its engine was a kerosene-oxygen wet-heater rather than the compressed air used by most torpedo types at the time.