With a nominal weight of 500 lb (230 kg), it is one of the smallest bombs in current service, and one of the most common air-dropped weapons in the world. Although the Mk82's nominal weight is 500 lb (230 kg), its actual weight varies depending on its configuration, from 510 to 570 lb (230 to 260 kg). It is a streamlined steel casing containing 192 lb (87 kg) of Tritonal high explosive. The Mk82 is offered with a variety of fin kits, fuzes, and retarders for different purposes.

The Mk82 is the warhead for the GBU-12 laser-guided bombs and for the GBU-38 JDAM.

In low-level bombing, it is possible for the delivering aircraft to sustain damage from the blast and fragmentation effects of its own munitions since the aircraft and ordnance arrive at the target almost simultaneously. To address this issue, the standard Mk81 and 82 General-Purpose bombs can be fitted with a special high-drag tail fin unit. In this configuration, it is referred to as the Mk8x Snake Eye. The tail unit has four folded fins that spring open into a cruciform shape when the bomb is released, slowing the bomb by increasing drag, thus allowing the delivery aircraft to safely pass over the target before the bomb hits it.