The Mark 54 was co-developed by Raytheon Integrated Defense Systems and the U.S. Navy under the U.S. Navy's Lightweight Hybrid Torpedo program in response to perceived problems with the extant Mark 50 and Mark 46 torpedoes.
Mark 54 dikembangkan bersama oleh Raytheon Integrated Defense Systems dan Angkatan Laut A.S. di bawah program Torresto Lightweight Hybrid Angkatan Laut AS sebagai respons terhadap masalah yang dirasakan dengan torpedo Mark 50 dan Mark 46 yang masih ada.