The aircraft was designed and originally built by Eagle Aircraft Pty Ltd, but is now manufactured in Malaysia by Composites Technology Research Malaysia. It utilizes a three lifting surface design consisting of a forward wing (foreplane), main wing (mainplane) and horizontal stabilizer (tailplane). The Eagle 150B is a development of the Eagle X-TS from Western Australian inventors Neil Graham and his father Deryck Graham. Australian aeronautical engineer Graham Swannell and American aerodynamicist John Roncz were then engaged to design an aircraft to meet then-current JAR VLA requirements and demonstrate minimal stall characteristics. The resulting prototype (designated Eagle 150A) was first flown in March 1988, and was certified in November 1996. The aircraft demonstrated docile stall characteristics, rapid roll rates, 125 knot cruise speed (at 75% power) and crisp handling. After 15 aircraft were built at Fremantle, Western Australia, the Eagle 150B was introduced. Roncz was presented with the Prince's Australian Medal for the design of the Eagle 150 by His Royal Highness Prince Philip at a London ceremony in 2000. The manufacturing rights to the Eagle 150B are now owned by the Malaysian company Composites Technology Research Malaysia.
