SMSL M500 MKII – Looking for a new DAC? Look no more


Tested at $440

Sound quality (line-out)


Sound quality (headphone-out)









  • Outstanding DAC section
  • Full-bodied sound
  • Packed with features
  • Very good headphone amp


  • At this price - nothing

M500 MKII is the latest midrange DAC from SMSL. Truth be told here, SMSL has been on a spree lately, and it feels like they’ve released more DACs than I wish to keep a record of. SU-9, SU-9n, SU-8s, etc. All of these were fine midrange DACs but differentiating them became more and more difficult. I’ll admit here that I was fully prepared to skip this one completely because one can only test a certain amount of very similar products before becoming completely fed up. However, when the ShenzhenAudio store offered a review sample, my curiosity got the better of me and I reluctantly accepted it. Even then it took me longer than a month to actually unpack the box and try it out. Oh my, I’m glad I did.


SMSL packed a lot of stuff into the M500 MKII. Starting with digital inputs, we got all the usual suspects: USB, optical, and coaxial. Bluetooth is also on board. When it comes to the output section, we get both single-ended RCAs and balanced XLRs. Output can be set to either fixed or variable value levels. There’s even an integrated headphone amplifier of very decent power and quality.

The heart of the DAC is Sabre 9038 Pro chip, which is a flagship chip in their line. Sabre’s solution on a chip was also used to filter and stabilize the power supply. Powerful XMOS XU216 processors are used to handle the signal, and MQA is on board too if you care for it which I don’t think you should. Finally, SMSL used its own proprietary technology to provide stable clocks to the DAC. And that would be it, I don’t want to copy-paste every single technical detail from the manufacturer’s page. There’s a link down below the review so you can read all of it for yourself if you wish so. Here, we’re talking about what matters the most – the end results of all those efforts.

As usual, lately, SMSL provides a really rich user experience. M500 MKII has a small IPS display and a remote, and more importantly, it lets you tweak a lot of things. Among those are choosing a digital filter, using DSP to alter the sound color, changing DPLL (jitter suppression level), setting the display’s brightness, and even choosing the time after which it will automatically turn off. I got it set to only 5 seconds cause I like my displays dark unless I really need them. Anyways, this DAC’s UI is both rich and user-friendly – great job.

Sound – Headphone Amp

I first tried SMSL M500 MKII as an all-in-one DAC and Amp, hooking several different headphones to it. No matter if we’re talking about more traditional dynamic cans such as Beyerdynamics and Sennheisers, or about planars such as Hifiman, GoldPlanar, etc. I never felt lacking power and drive.

The overall tonality of the amp is slightly lean and bright, but very fast and resolving. The bassline is deep but very quick and well-controlled. It starts and stops very quickly, resolving respectable amounts of texture too. Move to the midrange and it’s the same story – edges are crisp and transients are fast. I never found myself missing any speed or resolution, but I could live with a bit more fullness in this region. Highs are well extended and bright, making for an open and airy presentation. All in all, this was a very respectable presentation with good separation and great detail retrieval.

A quick comparison to my Topping D30 Pro and A30 Pro stack showed a few things. The first one is that when M500 MKII serves as a DAC connected to an A30 Pro amp, you get a fuller midrange with somewhat calmer highs. So both instruments and vocals get juicer, and I feel there’s a bit more tone reverb too. The amplification section in this unit clearly can’t fully match the skills of A30 Pro. The second one was that as a DAC, M500 MKII sounded clearly better than D30 Pro, but more on that in the next section.

Sound – DAC

As mentioned above, M500 MKII proved to be a more capable DAC than the Topping D30 pro even in my desktop setup. This caught me by surprise and I quickly connected it to my main speaker setup. There it was fed with Pi2AES streamer, hooked to Acoustic Invader preamp and amp, and finally to KEF LS50 speakers. I was immediately caught off guard.

This DAC sounds full-bodied and punchy. The bassline is weighty and voluminous, but not slow or sluggish by any means. There’s a respectable amount of agility there, punch too, and it really adds to the excitement in every song. Move up the frequency spectrum and midbass is still very lush sounding, but masterfully tuned to add just the right amount of warmth and fullness to the midrange. This makes every vocal sound very lush and physically palpable. It matters not if we’re talking about male or female ones, they feel very present in the room, it’s almost as if you can stand up, come between your speakers and touch them. Leading instruments that are prominent in the mix are handled the same way too. Leading guitars sound present, big, and simply lush. The piano is presently full too, while drums have all the mass and energy that I could wish for. High-frequency details are there too, not rolled off in any way, but not as rich and substantial as the lower parts of the spectrum. They never dominate the recording and cymbal crush never feels really big and splashy as with some other DACs. Those tiny details are simply clean and crisp but without much drama and richness. They are easily noticeable but slightly laid back, tidy, and focused. They do their job well but let the bass, midbass, and midrange lead the way in impressing you, and sure enough, those didn’t fail to impress.

Move to the soundstaging and we’re talking about the focused and dense presentation. Both leading vocals and leading instruments are put forward and are very prominent in a pleasant way. But when recording contains backing vocals or instruments deeper in the scene, this DAC will recreate that depth very nicely. Empty space around those, and tiny reverbs are also there so layering is done skillfully. Soundstage width on the other hand is not that pronounced, and this is more of a well-separated but focused and dense presentation. There is depth and reverbs as mentioned, but not much in terms of width or air. I believe that the Sabre house signature is in the works here.

Finally, talking about dynamics, we can once again notice some Sabre traits. This is a lively sounding DAC with an energetic presentation. Play something rhythmic and I’ll dare you not to tap with your feet. The full but nimble bassline, decent punch, good dynamics, and those forward-sounding leading vocals and instruments are simply contagious.


As I was more than pleased with the SMSL M500 MKII DAC section, the only thing left to do is to compare it with some of the fiercest competition and see how it fares.

Topping D30 Pro comes at some fifty dollars less but doesn’t offer a head-amp. It is a nice-sounding DAC with a warm bassline and softer presentation. But in direct comparison to the new contender, D30 Pro sounds a bit bloated in the midbass, while too laid back and almost sedated in the midrange. It also has this kind of grainy quality to the midrange, compared to squeaky clean M500 MKII. Without further ado, I’ll call the SMSL M500 MKII a clearly better sounding of the two.

SMSL SU-9 (SU-9n too) is coming from the same company and costs roughly the same. It’s a DAC only, meaning there is no head-amp on board, so I expected this 2 in 1 solution to be inferior as a DAC. I was wrong. M500 MKII offers a fuller and lusher presentation, better presence, layering, and palpability. So to rip the band-aid quickly, I find M500 MKII to be a clearly superior DAC here.

SMSL D300 is SMSL’s answer to those who love really natural sound that resembles Multibit DACs or let’s say analog sources such as turntables. And it was completely successful in doing that with its smooth, mild, and soft sound where no harsh edge will ever peak its ugly head. But in the process, D300 sounded quite dynamically mild too. There is not much bass punch or slam to talk about, and M500 MKII ends up being vastly superior in that department, and the same goes for overall clarity and transients response. With M500 MKII, every sound just comes alive much better. I get that some of the listeners will still prefer D300’s mild and inoffensive approach, but I will personally give this one to M500 MKII hands down.

Denafrips Ares II costs significantly more than M500 MKII at 850 USD at the moment. It is once again a dedicated DAC only and it is an R2R construction with a big linear power supply inside the box. This is the one I’ve been using for more than a year now and I’m very fond of its full and natural tone timbre. Several times I listened to DACs that had more resolution but they were too sharp and analytical for me to take that bait. Now I’ve finally found the one that can match Ares’ full-bodied presentation while improving on its average resolution and dynamics. After listening to M500 MKII for a day or two I couldn’t say that I missed Denafrips much. Switching back to Ares II made it obvious, it has a slightly bloated bass section, less punchy too, and less resolving. Ares II is still the more laid back of the two, slightly more spacious, and has that effortlessly natural vibe that only R2R can provide. But I found myself missing that increased presence, clarity, dynamics, and punchiness of the M500 MKII. But the cherry on the top was that SMSL managed to put those qualities alongside the full and lush midrange, making vocals even more flushed out than with Ares II. At that moment I knew that my long and happy relationship with Ares II is coming to its natural end.

EarMen Tradutto is the only one in this list that could actually match, and maybe even slightly surpass the M500 MKII when it comes to sheer bass weight and punch. M500 MKII counters that with a more agile bassline, as well as with more extended highs, and more air around the instruments. Tradutto sounds a touch beefier down low but sweeter and darker up top. You might prefer one or the other, and listening to those in isolation you’d probably have a hard time noticing much difference, but I could say that I slightly preferred M500 MKII. Given it comes at a lower price tag and with full-sized XLR connectors, I feel that SMSL fully deserves a higher score here.


If you follow my impressions regularly, you’ll probably know that very few DACs came close to making me switch from Denafrips Ares II. Actually, the only one that had any real shot at that was EarMen Tradutto but I had a few gripes with it that prevented me from doing that. SMSL M500 MKII is a DAC that not only costs below one thousand but it’s actually below five hundred bucks, and that will not stop me from leaving it in my main setup instead of Ares II. Do I need to praise it more?

To ShenzhenAudio I have to say – thanks for sending me this one that I would simply never try out otherwise. But to SMSL I have another message – stop hyper-producing average models every month. I know different people like different flavors, but having more than five different models at the same price point is just too much. You almost drowned a gem such as M500 MKII, the one that has now become my next everyday DAC.


Input: USB / Optical / Coaxial / Bluetooth
Output: 6.35 Headphone Jack/RCA/XLR
THD+N: 0.00006%(-123dB)(UN-WTD)
HPA power: 2Wx2(16Ω),1Wx2(32Ω)
HPA gain: 0dB(Low), +9dB(High)
USB compatibility: Window 7/8/8.1/ 10(Needs Driver)
Mac 0SX10.6 or Later、 Linux(Drierless)

Sampling rate & Bit Width:
USB PCM: 44.1 ~ 768kHz(32bit)
DSD: 2.8224 ~ 22.5792MHz(1 bit)
Optical / Coaxial: 44.1 ~ 192kHz(24bit)
DoP: DoP256(USB), DoP64(Optical / Coaxial)

Bluetooth: 5.0
LDAC: 24bit/96kHz (990kbps/660kbps/330kbps)
aptX-HD: 24bit/48 kHz _576kbps
aptX: 16bit/44.1 kHz_ 352kbps
SBC: 16bit44.1 kHz_ 328kbps
AAC: 16bit/44.1 kHz_320kbps

Power Consumption: 5W
Standby power: <0.5W
Size: 85x88x197mm (WxHxD)
Weight: 0.9kg/1.98lb

Official product page

33 thoughts on “SMSL M500 MKII – Looking for a new DAC? Look no more

  1. Thanks for your crisp and direct reviews! This DAC seems to be a standout, for sure. I hope you can review the SMSL VMV D1se DAC, which appears to be similar using the same ESS chip, but with a linear power supply, and no headphone amp, and costs $720. It has an “HDMI” i2S input that might work with a Denafrips Iris reclocker?

    Typo Patrol – the last sentence of the first paragraph of the “Sound – DAC” section – the word is spelled “caught” off guard. English is a crazy mess, and you’re actually better than many native speakers, so no problem! Couth is an adjective that means “refined, sophisticated” so it is a real word, which is why it got by the spell checker.

      Yes, D1se looks very interesting with the same chip and a linear power supply. Supposing that the same engineer developed both of these, D1se should be outperforming this one slightly.

      Also, thanks for pointing to the typo. 👍

I was very pleased to learn about this affordable DAC that equals or surpasses the Denafrips Ares2. I am almost convinced to pull the trigger to order it but I recently came across a review about the SMSL M500 where the owner ordered exactly the same SMSL model. The second one was a lemon that sounded thin and horrible ( . I wonder if you were given a premier version of the SMSL M500 MII and the other production versions are of lower quality. What do you think of SMSL’s quality control, if they have any?

    Hi Peter, that’s an interesting topic but it’s difficult to comment that person’s findings without truly knowing what version he bought the second time around and if it is for sure supposed to be the same.

    As for SMSL in general, I reviewed many of their DACs that I purchased myself or loaned from a friend (SU-9, M400, etc.). D300 was sent to me by SMSL and I find it very good but not particularly amazing so I don’t have any reason to suspect a foul play. I received M500 MKII from the ShenzhenAudio together with few other things, I didn’t get the vibe that anynof those units is some sort of premium pick. Also several viewers wrote to me that they experienced the same kind od full and dynamic sound with it.

    I guess that leaves us to two things, first would be silent change of a product if some parts become unavailable or hard to get. Unfortunately this happens all across the industry, Samsung does it in their TVs, Sony in PlayStations, etc. They always claim that user experience is not change but sometime it is. And the second reason could potentially be a bad quality control. With around ten SMSL products tested I never had a faulty unit, it might be luck, it might be the fact that I didn’t use them very long… But it can also be that those bad examples are truly isolated cases.

    I did have a chance to test personally bought Topping units against the same one I got for a review and they matched. If I get the chance to do the same for SMSL i will, and I might since some of my friends really liked it and might get it for themselves. So if I find out something fishy going on, which I really doubt, I’ll investigate more and will talk about it in public.

Hello Srbouljub – Thanks for the excellent review.. I have been reading and listening to your reviews for long time, specially for DACs. You reviews has been spot on and that the reason, I love your youtube channel. I had bought Khadas tone board, Pi2AES and Soncoz LA-QXD1 dac based on your reviews. From past few days I was considering to get a taste of R2R Dac and was almost going to buy Denafrips Ares ii R2R dac. Now, I watched your review of SMSL M500 MKii dac and got confused. Seems like SMSL M500 MKii doc has all the goodness of Denafrips Ares-ii dac plus better transparency. I want to upgrade from Sancoz LA-QXD1, should I go for SMSL M500 MKii dac or Denafrips.. request for your opinion.

Thanks in advance and keep doing the good work

Thanks for your reviews. I’ve really come to appreciate your approach to these reviews. I have a d1se that sounds lovely, but leaves me wanting for that r2r stage and depth. i2s helps a lot, but I wanted to try a Ares 2. Now I see this M50 mk2 review and tempted to try it out.

I’d love to see you review the d1se and other gear going forward. Thanks for your good work!

SMSL M500 MKII stize is USA za 5,6 dana, narucen na osnovu vase recenzije, nadam se da nisam pogresio.


    I ja se nadam da niste. 🤞😅


Hvala vam na izvrsnim recenzijama, zanima me vaše mišljenje kako bi se slagao M500 MKII s PA5 Topping pojačalom, koje zvučnike bi preporučili za tu kombinaciju? Razmišljam o nabavci CSS Audio 1TDX kita koji ima odlične recenzije, imate možda u planu njegov test? Želim vam puno uspjeha u radu!


    Pozdrav, slažu se sasvim lepo po mom mišljenju. Pun zvuk M500 MKII baš fino upotpunjuje PA5. Nisam CSS zvučnike do sada čuo, ali ima mi smisla da to radi vrlo lepo i bolje od komercijalnih gotovih zvučnika iste cene.


      Hvala vam Srboljube, vaše analize su dragocijene! Pozdrav

Stigao SMSL M500, ostavicu veceras da se usvirava, hoce li moci da se poeze lapTop sa chrome os sa doticnim DACom?


    Testiran SMSL M500 upravo, odlican kao DAC, kao pojacavac za slusalice sledi test, nece mu biti lako , sve slusalice koje imam su od 600 ohma.


Pozdrav Srboljube,
molim vas vaš savjet za M500 MKII, po vama može li “izdržati” 8 Ohm impedanciju verum 1 slušalica. Gledao sam vaš review za Verum 1 koji je izvrstan a i ostali recenzenti ih hvale, međutim upozoravaju na nisku impedanciju koja za neka pojačala može biti problematična.. hvala vam, Lp


Hi Thanks for your review.. whats do you think the m500 mkii against dragonfly cobalt?


    M500 MKII all the way. Nowadays Cobalt isn’t that impressive anymore as a portable dongle, let alone when put against a proper desktop DAC like this one.


Hi Srboljub, Did you have the opportunity to try the M500 MKII with SMSL DA-9 amplifier? If yes, was it a good match? In this price range (~US$700) and in your opinion, do you think there’s a better combination to be used with speakers (SMSL AO200 + M500 MKII for example)? Regards from Brazil 😉


    Hi Carlos! I didn’t try these two together but it should be a very decent match. I personally preferred DA-9 because it sounds smoother than A0200. If you get this combo be sure to use balances connection for best results. Cheers from Serbia to Brazil!


      Thank you very much for your prompt reply! I’m building my first “HiFi” system and your Youtube channel is helping me a lot. What kind of speakers or brands of speakers will match this combo (SMSL DA-9 + M500 MKII)? Could you kindly suggest something?

      Greetings from Sofia. Thank you so much for all your efforts reviewing audio gear. Right now, I am using Topping D50s/A50s combo. Friend of mine just brought me Hifiman Edition XS and it exceptional. I watched one of my favorite movies – A star is born, using XS and it was a whole new level of enjoyment. I did notice they are harder to drive compared to Sennheiser 660s. I am thinking to purchase SMSL M500 MKII. Do you think it is sufficient to drive them well and do you think XS is a good match for the SMSL M500 MKII? Thank you.

While I tend to go by the numbers, you have become my go to subjective reviewer, particularly re dacs. I see that SMSL have continued their mischief and released a new M500 Mk iii. Do you anticipate reviewing it?


    Thanks! Glad to hear you’re enjoying my reviews. Yes I plan on testing MKIII version. I am so curious what have they done. If only headamp section is improved slightly it will be a worthy refresh.


Is it worth buying this to bypass the internal dac in the Bluesound Node N130? And if so, would you get the M500 or the Aune X8 with Sparkos opamp?


    I haven’t heard N130 but if it is similar to Node 2i then it would be worth it. And I would rather go for Aune/Sparkos.


Thanks for the review. I have watched the long YouTube video, which compared few brands’ DAC/Amp. After watching your review, I plan to buy the SMSL M500 MK3. I went to local store (Singapore) to ask few questions, they are not able to answer.

Here are the questions, please help:
– Is the 4.4mm headphone plug of SMSL M500 MK3 balanced?
– I am owning the Sony WM1AM2 DAP, I would like to know whether I can connect it ti the M500 as my music sources. (FYI, The WM1AM2 is working when connected to Chord Mojo II. But it is not working when connected to Fiio K9 Pro ESS).

Thanks in advance 🙏🏼


This doesn’t appear to have a pre-amp. Can this be connected directly to a dedicated amp? It sounds like the perfect DAC for me, but it appears to need a pre-amp.


    It does have variable volume control so you can connect it directly to a power amp.


Thanks for a thorough review!

My desktop setup is primarily my work/gaming laptop USB to Ifi Zen DAC V2 which feeds both my Hifiman Ananda, and an SMSL A300 that power my QAcoustics 3030i.
My secondary streaming setup is a Wiim Pro, Toslink to ifi XDSD that feeds the same SMSL A300 Amplifier.
(I just stream with Wiim Pro, in case my laptop is doing some heavy lifting)

Will M500 MK2 be a major upgrade replacing both IFIs?
And will it be worth spending ~$100 more for the MKiii?

My use case is ~70% DAC (feeding my speaker setup), 30% Headphone Amp for Ananda


Hi Srboljub. I use an rpi4 with a Moode audio player connected via a USB cable to a dac SMSL M500 mk3. I have such a problem that after some time of playback via USB it stops playing with the message “MPD error Failed to open audio output” and I have to select the USB input again with the remote control and it works for a while and so on. Do you know where the error could be? Thank you.


    Sorry to hear you encountered such a problem. Did you try adjusting the DPLL setting on your DAC? If you lowered it fully, maybe try to increase it a few notches to secure a more stable connection. The problem can also be on the source side (Moode installation for example), I remember having similar issues with some Volumio installations, but it was a long time ago so not sure how I solved it. Nowadays I use RopieeeXL because it’s very stable and can go for months without a hitch.

    It’s difficult to help more this way, but I hope you’ll figure it out.


input USB, output RCA: sound innatural, bass poor.


If your m500 MKII sounds too analytical when you put it in your system, do not despair. It took mine 30-50 hours burn in time before it sounded good.


hello Srboljub,
love your reviews. will you be reviewing the mkiii version?
thank you


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